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State refiners fill up India's strategic reserves with spare crude oil

Buying more crude to fill strategic capacity will benefit India as international crude oil prices are falling

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Buying more crude to fill the strategic capacity will be advantageous for India now as international crude oil prices are falling. Price of Brent crude was seen around $25 a barrel at 5 pm on Thursday.

Shine Jacob New Delhi
Spare crude oil from state-owned refiners is helping India fill up its strategic storage capacity of 5.33 million tonnes (mt). The storage facilities at Mangaluru and Padur in Karnataka, and Visakhapatnam in Andhra Pradesh are likely to reach full capacity by the end of May.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery (MRPL), are using around 2.1 mt, or over 15 million barrels, of their spare crude, for this purpose.
The storage capacities are run by the Indian Strategic Petroleum Reserves (ISPRL), a special purpose vehicle — a wholly-owned subsidiary of Oil

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First Published: Apr 30 2020 | 10:41 PM IST

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