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Tuesday, December 15, 2009 (16:10:00) |
| Tags : India, ISPRL, Rajya Sabha |
India to create 5 mn tonne strategic petroleum reserve |
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| New Delhi: India will create a five million tonne strategic petroleum reserve by 2012, raising the country's total storage capacity to 8.5 million tonnes - enough to meet 90-days consumption, parliament was informed today.
"To cater to situations like wars and natural calamities, we have established an SPV (special purpose vehicle) called Indian Strategic Petroleum Reserve Limited (ISPRL) that will create a storage facility of five million tonnes by 2012," Minister of State for Petroleum Jitin Prasada said during question hour in the Rajya Sabha.
"We presently have storage facilities for 3.5 million tonnes. This will rise to 8.5 million tonnes," he added.
He was responding to a supplementary on whether the government had entered into contracts for assured petroleum supplies in case of war and other emergencies.
"There is no such provision as of now," Prasada replied.
A posting on the ISPRL website says it would create the storage facilities at Visakhapatnam, Mangalore and Padur (near Udupi).
"The proposed storages would be in underground rock caverns near the east and west coasts so that they are readily accessible to the refining sector. Underground rock caverns are considered the safest means of storing hydrocarbons. The estimated cost of the project is around Rs.2,400 crore at September 2005 prices, excluding the cost of crude oil for filling the caverns.
"ISPRL will have ownership and control of the crude oil inventories and will coordinate the release and replenishment of crude oil stock during supply disruptions through an Empowered Committee to be constituted by the government of India," the posting said.
Responding to a supplementary, Prasada pointed out that according to international norms, a country should have storage capacity for 90 days consumption.
"At present, we have this for 74 days. Our effort is to achieve 90-day storage capacity," Prasada added. (IANS) |
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