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India to build 2 more strategic petroleum reserves – minister
In this Sept. 6, 2017, file photo, a flag hangs on the side of the Andeavor Mandan Refinery in Mandan, N.D. Marathon Petroleum is buying Texas refiner and pipeline company Andeavor in a transaction worth more than $23 billion. The deal is expected to close in the second half of the year. The Indian cabinet on Wednesday approved establishment of two strategic petroleum reserves (SPRs) with a total capacity of 6.5 million tons – said interim finance minister Piyush Goyal
India will set up a 4.4-million-tons SPR at Chandikhol in eastern state of Odisha, and a 2.5-million-tons facility at Padur in the southern state of Karnataka. India has built three SPR of 5.33 million tons in southern India equivalent to meet 10 days of crude requirement. The two planned SPRs will be provide additional supply of about 12 days
India to approach potential investors for operating the SPRs on public private partnership. ADNOC has leased a part of the existing storage at Padur. Establishment of SPRs will significantly help India’s energy security and insulate the country from external price and supply shocks. Alex Mack Authentic Jersey
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