Next oil reserves plan by Sept, to see Rs 14K-crore investment: ISPRL

Request for proposal document awaiting Centre's nod

The next phase of India's strategic petroleum reserves programme will begin soon with the issuing of the request for proposals (RFP). It would require an investment of around Rs 14,000 crore for developing 6.5 million tonne (MT) of reserves in this phase.   

According to H P S Ahuja, managing director (MD) and chief executive officer (CEO) of the India Strategic Petroleum Reserves (ISPRL), RFP will be issued by September 2021. 

The focus this time will be on the public-private partnership (PPP) model. However, the central government will continue to have the first right of using the stored crude oil during unforeseen