Private Indian refiners likely to get stake in crude oil reserves

The government is planning to take private Indian refiners as partners for the next phase of building strategic crude oil reserves. 

The project, estimated to cost Rs 100 billion, is likely to be done on a public-private partnership mode. Private refiners Reliance Industries and Essar might join hands with the government to build and run these reserves.

According to a person close to the development, Cabinet clearance would be required to take private refiners as partners. Indian Strategic Petroleum Reserves (ISPRL), that runs these underground caverns, has already received interest from some of these companies. “Such storage capacities will help private players