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KPC Shows Interest in Strategic Oil Storage in India

Kuwait Petroleum Corporation (KPC), the state-owned oil company of Kuwait, has shown interest in storing crude oil in India’s strategic petroleum reserves, joining Abu Dhabi National Oil Company (ADNOC) and Saudi Aramco as potential participants in the second phase of the project.

 

The Ministry of External Affairs (MEA) informed the Parliamentary Committee on External Affairs that details of the second phase of India’s Strategic Petroleum Reserve (SPR) were shared with KPC in November 2022. “Participation of Kuwait Petroleum Company in Phase II of the SPR program of India is one of the new areas of cooperation being explored,” the ministry said in a response in Parliament last week.

 

KPC’s interest comes as India looks to expand its strategic crude oil storage capacity under Phase II, which includes building caverns with capacities of 4 million metric tonnes (MMT) in Chandikhol, Odisha, and 2.5 MMT in Padur, Karnataka. These facilities will operate under a public-private partnership (PPP) model, as approved by the Union Cabinet in 2021.

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