Bid & Tender

News

ISPRL to Invite Global Bids to Trade from its Oil Reserves

State-run Indian Strategic Petroleum Reserves Ltd (ISPRL) is set to move to the next phase of commercializing its reserves and is likely to invite global expressions of interest (EoI) for a strategic partner for trading of crude from its reserves, said two people in the know of the developments.

 

The discussions are in the initial phase and ISPRL, a subsidiary of the Oil Industry Development Board, will soon carry out a survey for the feasibility of trading in its reserves, they added.

 

The development comes three years after the government allowed ISPRL to rent and trade a total of half its capacity.

 

The Union cabinet in July 2021 approved the commercialization of ISPRL by allowing ISPRL to undertake partial commercial activities with the crude stored in caverns under Phase-I of SPR (strategic petroleum reserve) programme by allowing it to use 30% of SPR capacity for renting and 20% of SPR capacity for trading purpose.

BACK

Related News