India to build its first strategic oil storage in three months

[Aarush]

i thought we already have...but nice development.

 

[SR-91]

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.

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

I would llike to see India mandate each state to have a strategic oil storage for at least 3 months..

At the same time, India should go hard at inventing bio-fuels to reduce this dependence but more over to reduce carbon foot print.

 

[skysthelimit]

The storage facility will help India store its crude requirement for a fortnight.

Shouldn't we at least try to cover a month's requirement?

 

[jarves]

Shouldn't we at least try to cover a month's requirement?

We are building more strategic reserves which will last for 90 days.(collectively)

 

[T90TankGuy]

As far as i know there were underground oil tank reserves way back during the WW2 era in a few places . there was one in bhusaval (which i saw personally) during the 80s

 

[OrionHunter]

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!

That's why they're in South India!

 

[IND151]

We are building more strategic reserves which will last for 90 days.(collectively)

Any link for claim?

 

[jarves]

Any link for claim?

Vizag tank to keep India all fuelled up | Deccan Chronicle

 

[Bhai Zakir]

Thank u congress..

Burn...burn Modi fans with jealousy

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!

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.

 

[Rajaraja Chola]

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.

Not exactly. There are Laws, which makes them unavailable to RTI, Media, CAG etc They are protected from letting the information out, and those are tried under treason law.
Moreover Imagine CAG auditing RAW's accounts

That's why they're in South India!

But still..! You know, I already thought India have such reserves ..! So this is a bit disappointing..!

 

[Gessler]

WTH...countries like Russia, France, UK don't have strategic oil reserves??? I find that hard to believe.

 

[typoerror]

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.
France still owns large oil resources in Africa - remnants of colonialism
UK has Unkil and BP which owns reserves around the world.

 

[Chinese-Dragon]

Russia has the largest oil and gas reserves in the world.

Even China, America and India have fairly large domestic oil reserves as well:

List of countries by proven oil reserves - Wikipedia, the free encyclopedia

Which is very useful in an emergency situation.

 

[indoPunjabi]

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

 

[Rajaraja Chola]

Good point. Couple of bunker buster missiles/bombs would screw their strategic relevance

True.Even when they are in S.India, anyone attacking it during war is quite a high possibility.