The revised cost estimate for the three locations stands at Rs 40.98 billion. The capital cost for constructing the SPR facilities (phase I) was estimated to be Rs 23.97 billion at September 2005 prices. When phase II is completed, it will meet an additional 12 days of India’s crude requirement. In July, the government approved establishment of two additional commercial-cum strategic facilities with total storage capacity of 6.5 MT underground storages at Chandikhol (4 MT) and Padur (2.5 MT) under the public private partnership (PPP) mode under phase II of the SPR programme. This will be sufficient to meet nine-and-a-half days of India’s crude requirement. Under Phase I, the ISPRL established petroleum storage facilities with total capacity of 5.33 million tonnes (MT) at three locations: Vishakhapatnam (1.33 MT), Mangaluru (1.5 MT), and Padur (2.5 MT), all of which have been filled with crude oil. India’s SPR is managed by the State-controlled Indian Strategic Petroleum Reserves Limited (ISPRL), which was set up in 2004 as a wholly owned subsidiary of Indian Oil, and then handed over to Oil Industry Development Board (OIDB) in 2006.
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