 "The state-run Bharat Petroleum Corporation (BPCL) and private refiner Reliance Industries (RIL) pin their hopes on the US driving season among other factors to improve refining prospects in the current financial year (FY25) after reporting weak first")
India will provide Rs 5,597 crore ($646.78 million) support for purchase of oil for the country's strategic petroleum reserves (SPRs), the budget document showed on Saturday.
Indian Strategic Petroleum Reserve Ltd (ISPRL), which manages federal oil inventories, operates three SPRs in southern India with a combined capacity of about 5 million tons.
Part of that capacity is used for commercial operations by companies including Abu Dhabi National Oil Co (ADNOC).
The budget proposals also include an allocation of about Rs 180 crore for operation and maintenance of the SPRs and about Rs 335 crore for purchase of land and construction of new caverns.
India, the world's third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and is raising its SPR capacity to protect against any global supply disruption.
Also Read
 "Arvind Kejriwal, Arvind, Kejriwal")
 "Stock markets, Indian markets")
 "Nirmala Sitharaman Budget")
 "Tax proposals Budget 2025")
 "Prime Minister (PM) Narendra Modi")
ISPRL has sought interest from private companies to build and operate a 2.5 million metric ton store for petroleum reserves at Padur in the southern state of Karnataka.
India is also planning to build a 4 million ton SPR at Chandikhol in the eastern state of Odisha.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
 "air odisha, udan scheme")
 "Abhishek Banerjee, Abhishek")
 "Education loan")
 "Cop29, fossil fuel, climate change, pollution, 2024 global carbon project data for fossil fuel emissions")
 "Finance Minister Nirmala Sitharaman")
