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India looking at Strategic Oil Reserves Abroad

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.

 

Potential Locations: Sites in Japan, South Korea, and Singapore are being considered, but their viability needs to be evaluated. Additionally, reserves in the United Arab Emirates might be considered due to their strategic location.

 

Current Storage Capacity: India currently has a crude storage capacity of 5.3 million tonnes across Visakhapatnam, Mangaluru, and Padur. New storage facilities are being built in Chandikhol and Padur, adding 6.5 million tonnes of capacity.

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