Oil Storage

India to build first commercial crude oil storage to shore up stockpiles

India, the world's third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in Karnataka, according to the tender document. ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations Visakhapatnam (1.33 million tonnes) in Andhra Pradesh and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka. Under Phase-II, it intends to build a commercial cum strategic petroleum reserve in underground unlined rock caverns along with associated above ground facilities, including ...

PNGRB for open access ATF pipelines to cut fuel costs, boost competition

Oil regulator PNGRB has proposed supplying jet fuel or ATF in all existing and future airports through pipelines that can be accessed by any supplier so as to bring in competition and cut fuel cost. Currently, ATF is transported by road and rail network and only a limited number of airports are linked with pipelines. Even where pipelines are there, they are not on an open access basis which means only the company that has laid it can supply jet fuel to airlines. The Petroleum and Natural Gas Regulatory Board (PNGRB) has invited comments from the public and various stakeholders including oil marketing companies (OMCs), airport operators, and airlines operators for development of aviation turbine fuel (ATF) pipelines connecting various greenfield and brownfield existing and upcoming airports in India. "Pipelines are the cheapest mode of transport of liquid fuels with road transport being quite costly. And looking at the high share of ATF price in airline costs, provision of the pipeli

Energy security: India considering options for strategic petroleum reserves

India's plans to replace most petrol vehicles with electric ones may fall well short of the target, forcing the country to continue depending on crude oil

Nations agree to release 60 million barrels of oil amid Ukraine crisis

The IEA board made the decision at an extraordinary board meeting of energy ministers chaired by US Energy Secretary Jennifer Granholm

Satellite photos show aftermath of attack on Abu Dhabi oil facility

Satellite photos obtained by The Associated Press on Tuesday appear to show the aftermath of a fatal attack on an oil facility in the capital of the UAE claimed by Yemen's Houthi rebels.

Iran stores more oil on tankers as it counts days to enter markets

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme

Govt allows ADNOC to trade 50% of oil stored in Indian strategic reserves

The Union Cabinet on Wednesday allowed Abu Dhabi National Oil Co (ADNOC) to trade half of the crude oil it has stored in Indian underground strategic reserves. Till now, ADNOC, which has hired half of 1.5 million tonnes underground storage at Mangaluru, was allowed to commercially use 35 per cent of the oil stored. It could trade or sell another 15 per cent with the explicit approval of the government. The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, allowed ADNOC to commercially use 50 per cent of the oil it has stored in the reserves, an official said. The flexibility allowed will encourage the company to store more oil in the three reserves India has built as insurance against supply and price disruptions. The official said while ADNOC bears the cost of oil, India has the first right over its usage in an emergency. This guarantees energy security without spending money on oil. Besides hiring half of the Mangaluru capacity, ADNOC had also

India plans to fill strategic oil storage by third week of next month

India is moving the oil to the SPR to help the country's refineries reduce their excess crude as the lockdown to contain the Covid-19 outbreak has dented transportation and industrial fuel consumption

India plans to fill strategic oil storage by the third week of May: Report

India's fuel demand in March declined by 17.8%, the lowest in over two decades

Abu Dhabi's oil firm to help fill India's strategic reserve, says Pradhan

It would take three very large crude carriers (VLCCs) to fill 5.86 million barrels or 0.75 million tonnes of space it has taken in Mangaluru