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Strategic oil storage facility to be built in Mangalore: Dharmendra Pradhan

ANI  |  Dubai [U.A.E] 

A long-term partnership between and has been signed on Monday for the development of a strategic storage facility of in

While addressing a press conference in Dubai, Union Petroleum and Natural Gas said the strategic storage facility will ensure long-term partnership for strategic storage in

"Thirty contracts are being signed between the two countries in 60 fields having a resource potential of around 196 metric tonnes of and oil equivalent," Pradhan added.

He also mentioned the Open Acreage Licensing Policy (OLAP) programme which includes free marketing and pricing freedom, licensing and low regulatory risks in the oil and petroleum sector.

"The government will build 86 which cover 24 per cent of India's area and 29 % of the population of the entire country," he said.

Pradhan, who had held several meetings with financiers and bankers to understand the financial problems being faced in India's oil and petroleum sector, also talked of reforms in the as he said, "showcased opportunities for investment in the upstream sector and "

Earlier on Monday, Pradhan held a bilateral meeting with H.E. Dr Pradhan was accompanied by Navdeep Suri, senior officials and CEOs for Indian Oil, and He also flagged off the first consignment of 2 million barrels of crude for Cavern.

Pradhan had visited UAE to attend the Downstream Investment Forum organised by (ADNOC).

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

First Published: Tue, May 15 2018. 01:56 IST