SS: State-run Indian Strategic Petroleum Reserves Ltd (ISPRL) is considering taking storage space on rent in southeast Asia to store crude oil. It is looking in particular at Singapore, Japan and South Korea for their strategic, logistical and economic viability, said two people in the know of the developments. The commercial viability of the reserves would be key to deciding where to store the oil. The move is in line with achieving India’s energy security. “In order to increase its strategic reserves, India has been looking at various models, including hiring capacities abroad. Locations which would be finalized need to be commercially viable in terms of accessibility,” the person said, adding that it would have to be ensured that the renting charges are reasonable and do not surpass transportation cost. Also Read: Budget 2024: L&T to Oil India, D-Street expert suggest four stocks ahead of Modi 3.0’s first Union Budget This is the not the first time India is considering storing crude outside the country. In 2020, India and the US had signed a memorandum of understanding to begin cooperation on strategic petroleum reserves operation and maintenance, including exchange of information and best practices.
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SS: State-run Indian Strategic Petroleum Reserves Ltd (ISPRL) is considering taking storage space on rent in southeast Asia to store crude oil. It is looking in particular at Singapore, Japan and South Korea for their strategic, logistical and economic viability, said two people in the know of the developments. The commercial viability of the reserves would be key to deciding where to store the oil. The move is in line with achieving India’s energy security. “In order to increase its strategic reserves, India has been looking at various models, including hiring capacities abroad. Locations which would be finalized need to be commercially viable in terms of accessibility,” the person said, adding that it would have to be ensured that the renting charges are reasonable and do not surpass transportation cost. Also Read: Budget 2024: L&T to Oil India, D-Street expert suggest four stocks ahead of Modi 3.0’s first Union Budget This is the not the first time India is considering storing crude outside the country. In 2020, India and the US had signed a memorandum of understanding to begin cooperation on strategic petroleum reserves operation and maintenance, including exchange of information and best practices.