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India's strategic crude reserve invites bids to fill facility

Reuters  |  MUMBAI 

(Reuters) - Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store for emergency needs, has invited initial bids to fill its storage facility in the state of Karnataka.

The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday.

has a total of 5.33 million tonnes or 36.87 million barrels of storage facilities across three cities in southern - Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt).

The current expression of interest is for Padur.

In 2005, the Ministry set up to build strategic storage in to hedge against volatility of prices and sudden supply issues.

Once the facility is operational, India, which imports more than 80 percent of its requirement, will have almost 10 days of strategic reserves which can be used during emergencies. However, other big consumers of globally have around 50 days of reserves.

The notice by said that interested parties can opt for filling any of the four or all four compartments it has built at Padur, all of which are around 5 million barrels in capacity.

The storage facilities at Vizag and Mangalore are already ready. The Vizag facility has been filled with Iraqi Basra while part of the Mangalore facility is filled with Iranian oil.

(Reporting by Promit Mukherjee; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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India's strategic crude reserve invites bids to fill facility

MUMBAI (Reuters) - Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store crude oil for emergency needs, has invited initial bids to fill its storage facility in the state of Karnataka.

(Reuters) - Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store for emergency needs, has invited initial bids to fill its storage facility in the state of Karnataka.

The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday.

has a total of 5.33 million tonnes or 36.87 million barrels of storage facilities across three cities in southern - Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt).

The current expression of interest is for Padur.

In 2005, the Ministry set up to build strategic storage in to hedge against volatility of prices and sudden supply issues.

Once the facility is operational, India, which imports more than 80 percent of its requirement, will have almost 10 days of strategic reserves which can be used during emergencies. However, other big consumers of globally have around 50 days of reserves.

The notice by said that interested parties can opt for filling any of the four or all four compartments it has built at Padur, all of which are around 5 million barrels in capacity.

The storage facilities at Vizag and Mangalore are already ready. The Vizag facility has been filled with Iraqi Basra while part of the Mangalore facility is filled with Iranian oil.

(Reporting by Promit Mukherjee; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

India's strategic crude reserve invites bids to fill facility

(Reuters) - Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store for emergency needs, has invited initial bids to fill its storage facility in the state of Karnataka.

The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday.

has a total of 5.33 million tonnes or 36.87 million barrels of storage facilities across three cities in southern - Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt).

The current expression of interest is for Padur.

In 2005, the Ministry set up to build strategic storage in to hedge against volatility of prices and sudden supply issues.

Once the facility is operational, India, which imports more than 80 percent of its requirement, will have almost 10 days of strategic reserves which can be used during emergencies. However, other big consumers of globally have around 50 days of reserves.

The notice by said that interested parties can opt for filling any of the four or all four compartments it has built at Padur, all of which are around 5 million barrels in capacity.

The storage facilities at Vizag and Mangalore are already ready. The Vizag facility has been filled with Iraqi Basra while part of the Mangalore facility is filled with Iranian oil.

(Reporting by Promit Mukherjee; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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