Akshi Kamboj (intern journalist) With the capacity to store 797 million barrels of oil, the US holds the largest strategic petroleum reserve in the world. while India currently has three underground rock caverns built for the same at three locations, namely: Vishakhapatnam in Andhra Pradesh which holds 1.33 million metric tons of oil reserves, Mangalore with 1.5 MMT and padur in Karnataka with 2.5 MMT of oil storage capacity as of now but it has been decided to raise its capacity by 2.5 MMT. A new project approved by the Modi government in June agreed to establish an additional 4 MMT strategic petroleum reserve facility at chandikhol in Odisha.
The Indian government is in constant talks with the US government to store it’s crude oil in US strategic oil reserves to shield itself from any supply disruption or price spikes arising due to various geopolitical reasons.
“We have signed a Memorandum of Understanding to begin cooperation on Strategic Petroleum Reserves. We are also in an advanced stage of discussions for storing crude oil in the U.S. Strategic Petroleum Reserve to increase India’s strategic oil stockpile,” Pradhan said in his address at the meeting.
“We have signed a memorandum of understanding to begin cooperation on strategic petroleum reserves. we are also in an advanced stage of discussions for storing crude oil in US strategic petroleum reserve to increase India’s strategic oil stockpiles”
oil minister Dharmendra Pradhan said at the press conference.
The US is one of the key partners in India’s energy security. India has been importing crude oil from the US since 2017 and in just 2 years it has become India’s one of the top 10 sources of crude oil with over 80% of crude oil being imported every year.
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