India makes a quick buck by selling some cheaply bought crude to MRPL

India imports roughly 226 MT (1,656.58 million barrels) of crude oil every year. This meets around 84 per cent of India's total crude oil requirement.

India is making a quick buck by selling some of the cheaply bought crude oil stored in the country’s strategic reserves to Mangalore Refinery and Petrochemicals (MRPL). This emptied reserve, that currently holds Upper Zakum grade crude oil (bought from Abu Dhabi), will be replenished with crude oil from Saudi Arabia, according to H P S Ahuja, the Chief Executive Officer (CEO) of Indian Strategic Petroleum Reserves (ISPRL).

ISPRL is a government-controlled company tasked with managing the country’s crude oil storage facilities while MRPL is a public sector undertaking. Both are under the administrative control of the Petroleum Ministry.

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