Private investment plans in India's strategic oil reserves get Cabinet nod

The Union Cabinet on Wednesday cleared a proposal to bring in private investments for building the next phase of strategic crude oil reserves of around 6.5 million tonnes at Chandikhol in Odisha and Padur in Karnataka.

The strategic petroleum reserves facilities at Chandikhol and Padur will be underground rock-caverns and will have capacities to the tune of 4 MT and 2.5 MT respectively. This comes two days after Abu Dhabi National Oil Corporation (Adnoc) expressed its interest of having space in Padur reserves. The move is likely to bring in investments from domestic private sector players like Reliance Industries (RIL)