India to lease out space in strategic oil storage

After dropping a Rs 5,000 crore plan to fill parts of strategic oil storages, the government will lease out space in the underground rock caverns to domestic and international firms to store oil, a......

India to use low priced oil from Saudi, UAE to fill strategic reserves

Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of......

How India is building its oil reserves

India is building its oil reserves in underground rock caverns and tanks, finds out Abheet Singh Sethi/IndiaSpend.com. Image: A natural underground rock cavern has been reshaped near the port of......

India to build 1st strategic oil storage by Jan 2014

India will build its first strategic oil storage by January in an effort to insulate itself from supply disruptions, Oil Minister M Veerappa Moily said on Friday. India, which is 79 per cent......