Uae’s Adnoc Has Agreed to Store Crude Oil in India’s Strategic Petroleum Reserves [ Current Affairs ]
Now in India’s maiden Strategic Petroleum Reserves (SPRs) storage UAE’s national oil company Abu Dhabi National Oil (ADNOC) Company will store crude oil. India has partner with other country for the first time ever for storing crude oil in the SPR storage for emergency purpose.
Strategic Petroleum Reserves:
India is building SPR storages to store about 5.33 million tonnes of crude oil at:
- Visakhapatnam (1.33 million tonnes capacity),
- Mangalore (1.5 million tonnes) and
- Padur (2.5 million tonnes).
India needs 79 % imports to meet its crude oil needs so SPRs will be valuable defense against short term oil supply troubles and global price shocks.
Two-third of the oil will be free for this purpose has been given by UAE.
UAE is exporting 8 % of crude oil ti India currently.
ADNOC is strong enough on taking half of the 1.5 million tonnes Mangalore SPR facility.
At the single Section it is able to stock 6 million containers or 0.75 million tons of crude oil.
And from this 0.5 million tons of stored crude oil will belong to India which can use at the emergencies time
- Published on: February 12, 2016