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ISPRL to Award Lease Deal by Dec for 1mn tons of Storage Space at SPRs

State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India’s strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country’s three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity.

 

This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.

 

Two top officials from state companies said ISPRL is evaluating offers to rent out 224,000 tons (1.62 million barrels) of oil storage space in the Visakhapatnam crude storage facility on the southeast coast and one of the two caverns with a capacity of 760,000 tons (5.6 million barrels) in Mangalore on the southwest coast. The space will be leased for two years, with a one-year extension.

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