India begins selling crude oil from strategic reserves in monetisation push

This is being done to make space for HPCL and Mangalore Refinery and Petrochemicals, which will be leasing space in the ISPRL caverns for commercial use

Storage space in India’s strategic petroleum reserves (SPRs) is being freed up to allow more commercial usage. This is being done by selling some of the already stored crude oil to make space for Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL), which will be leasing space in the ISPRL caverns for commercial use.

Officials in the know told Business Standard that MRPL received 60,000 metric tonnes (60 TMT) of Upper Zakum crude oil (sourced from Abu Dhabi), from the Indian Strategic Petroleum Reserves (ISPRL) cavern on Wednesday.

ISPRL is going to sell around 5.5 million barrels of