India’s state-run ONGC will expand strategic crude storage by 12.8 million barrels, seeking government approval for commercial use.
India’s Oil and Natural Gas Corp will build a 1.75 million ton crude reserve, equivalent to 12.8 million barrels. The move aims to bolster national energy security amid rising demand and supply risks.
The country currently holds 5.33 million tons, or 39 million barrels, in three southern sites managed by Indian Strategic Petroleum Reserves Ltd. Existing capacity covers only eight days of consumption, highlighting the need for expansion.
ONGC will request government permission to use the new stockpile commercially, potentially improving storage flexibility and cost efficiency.