Pradhan invites firms to build 6.5 MT crude storage capacity

Union minister of petroleum and natural gas invited companies to develop 6.5 million tonne (MT) of crude storage capacities across the country, as the government eyes to increase crude and petroleum products storage capacity from existing 74 days to 90 days.

The country’s existing strategic petroleum reserve facilities are located in Visakhapatnam (1.3 MT), Mangaluru (1.5 MT) and Padur (2.5 MT). As per the consumption pattern of FY20, the storages can provide for about 9.5 days of crude oil requirement. State-run oil marketing companies (OMCs) can stock for another 64.5 days.