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.
The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday.
The current expression of interest is for Padur.
Once the facility is operational, India, which imports more than 80 percent of its crude requirement, will have almost 10 days of strategic reserves which can be used during emergencies. However, other big consumers of oil globally have around 50 days of reserves.
The notice by ISPRL 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.
(Reporting by Promit Mukherjee; Editing by Alexander Smith)
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