Ministry of Petroleum & Natural Gas To Launch Phase II of Indian Strategic Petroleum Reserves

Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship Dharmendra Pradhan will launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct'2018, in New Delhi. In line with the integrated energy policy of Government of India, Union Cabinet accorded "in principle" approval for Phase-II SPR program which involves creation of additional 6.5 MMT of storage in underground rock caverns and associated facilities at Chandikhol, Odisha (4.0 MMT) and Padur-II, Karnataka (2.5 MMT).

In order to explore feasibility of commercialisation of the Phase I SPR at Padur (2.5 MMT) and the proposed Phase II SPRs at Chandikhol, Odisha (4.0 MMT) and Padur II, Karnataka (2.5 MMT), it is planned to solicit investment partners and pursue the initiatives of Phase II SPRs through PPP mode of implementation for construction, filling, and operation respectively and also filling and operation of the existing Phase I SPR at Padur.

To elicit interest and seek feedback from prospective investors, it is planned to conduct road shows. Based on the evinced interests, a suitable model for on-boarding of investors/PPP partners will be prepared for an international competitive bidding for wider participation. The road show will outline the Phase I and Phase II SPR programs along with technical details, plausible financial models and the implementation modalities.

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