ISPRL evaluating bids to build 2nd SPR phase at Karnataka's Padur

Rs 5,500 cr Budget provision for ISPRL could be diverted to building SPR facilities or cater to fuel subsidies because India's storages are nearly full

Indian Strategic Petroleum Reserve Limited (ISPRL) is evaluating bids from domestic companies to build India’s second strategic petroleum reserve (SPR) phase at Padur in Karnataka while simultaneously negotiating with the UAE’s Abu Dhabi National Oil Company (Adnoc) to renew a lease for a cavern in the existing Mangalore SPR facility that ends in May, a company official told Business Standard. The bids that closed in end-February were received in response to a tender.

 

ISPRL plans to review the bids for the 2.5 million tons capacity Padur SPR in the next two to three months, and it will take another 5