India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan

Gulf oil to be stored in India

NEW DHELI, August 13, 2014 – Last week, India’s Oil Minster Dharmendra Pradhan said that the national oil companies of the UAE and Kuwait would hire sections of a large underground crude storage depot currently under construction in India to serve as a base for oil trading from the Gulf to the Far East.

Indian Oil Minister Dharmendra Pradhan said ADNOC and KPC have expressed an interest in storing around 14.7 million barrels of oil, in a deal that includes an option for India to use the oil as a strategic reserve. The amount is enough to meet India’s domestic demand for 10 days in case of supply disruption.

The facility, being built in Andhra Pradesh and Karnataka, will store around 39 million barrels to increase India’s strategic supplies and are part of a larger programme of storage construction around the country of 1.27 billion people who consume XX barrels per day.

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