Govt hopes to finalise partners for strategic oil reserves within a year
15 Oct 2018 3:11 PM IST
India's government approved two strategic petroleum reserve sites with a total capacity of 6.5 million tonnes in June.
The International Energy Agency on Friday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favorable economic outlook. (Photo: Pixabay)
New Delhi: India hopes to forge partnerships with private players to build out its strategic petroleum reserves within the coming year, the head of Indian Strategic Petroleum Reserves Ltd (ISPRL) said on Monday.
India’s government approved two strategic petroleum reserve (SPR) sites with a total capacity of 6.5 million tonnes in June.
H. Ahuja, the chief executive of ISPRL, said on Monday that ISPRL, a government-owned a special purpose vehicle, planned to get bids from investors for the second phase of the storage plan in six to nine months. Ahuja was speaking on sidelines of the India Energy Forum by CERAWEEK.
( Source : reuters )
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