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India, which is dependent on fuel import to take care of close to 80 per cent of its requirement, will have the first strategic oil storage ready in the next three months. The storage facility will help India store its crude requirement for a fortnight.
An underground storage facility is being built at Visakhapatnam in Andhra Pradesh, Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil, Oil Minister Veerappa Moily said here.
"The storage at Visakhapatnam is expected to be commissioned in January 2014," Moily said here.
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Visakhapatnam facility would have the capacity to store 1.33 million tonnes of crude oil in underground rock caverns.
Huge underground cavities, almost ten storey tall and approximately 3.3 km long are being built.
A similar facility in Mangalore will have a capacity of 1.55 million tonnes and would be mechanically completed by March 2014. A 2.5-million tonne storage at Padur, near Mangalore, would be completed by end of current fiscal, he said.
With the commissioning of Visakhapatnam storage, India will join nations like the US, Japan and China that have strategic reserves.
These nations use the stockpiles not only as insurance against supply disruptions but also to buy and store oil when prices are low and release them to refiners when there is a spike in global rates.
"Visakhapatnam storage is 94.6 per cent complete, Mangalore is 89.2 per cent and Padur is 86 per cent complete," Moily said.
India to build its first strategic oil storage in three months
Shouldn't we at least try to cover a month's requirement?The storage facility will help India store its crude requirement for a fortnight.
We are building more strategic reserves which will last for 90 days.(collectively)Shouldn't we at least try to cover a month's requirement?
That's why they're in South India!Why dont they give the map co-ordinates, images, of where it is!! Strategic storages are not to be told out, if in case enemies attack it in case of war. It will be nightmare, putting the fires out!
We are building more strategic reserves which will last for 90 days.(collectively)
Vizag tank to keep India all fuelled up | Deccan ChronicleAny link for claim?
Why dont they give the map co-ordinates, images, of where it is!! Strategic storages are not to be told out, if in case enemies attack it in case of war. It will be nightmare, putting the fires out!
Thank u congress..
Burn...burn Modi fans with jealousy
Something big that big like oil reserves can't be hidden under bed.
We are a democracy + parliament questions + 24/7 press + CAG + RTI everything is in public domain.
That's why they're in South India!![]()
Russia has the largest oil and gas reserves in the world.WTH...countries like Russia, France, UK don't have strategic oil reserves??? I find that hard to believe.
Russia has the largest oil and gas reserves in the world.
Why dont they give the map co-ordinates, images, of where it is!! Strategic storages are not to be told out, if in case enemies attack it in case of war. It will be nightmare, putting the fires out!
Good point. Couple of bunker buster missiles/bombs would screw their strategic relevance![]()