India advances feasibility studies for two additional crude storage facilities to strengthen its strategic petroleum reserves amid rising import dependence.
India’s state-owned Indian Strategic Petroleum Reserves Ltd (ISPRL) is finalizing feasibility studies for two new strategic petroleum reserve sites. The proposed facilities in Bikaner, Rajasthan, and Bina, Madhya Pradesh, aim to enhance the country’s energy security as it remains the world’s third-largest crude oil importer.
The Bikaner site is undergoing a final feasibility assessment, while a pre-feasibility study for the Bina cavern has already been completed. These additions would expand India’s existing reserve capacity, which currently includes storage at Visakhapatnam, Mangalore, and Padur.
The move comes as global oil market volatility and geopolitical tensions underscore the need for larger strategic stockpiles. No immediate market reaction was reported following the announcement.