India To Get Two New Strategic Petroleum Reserves, 12 Additional Days Of SupplyA strategic oil reserve near Visakhapatnam (Indian Strategic Petroleum Reserves Limited)

According to this report in the Economic Times, India is set to have two new strategic petroleum reserves (SPRs). This decision was approved by the Union cabinet yesterday (27 June) and was shared by the interim Finance Minister, Piyush Goyal.

An SPR is a fuel store to be used in the times of emergency.

The two new SPRs would come up in Chandikhol in Odisha and Padur in Karnataka. At Chandikhol would be a reserve of 4.4 million tonnes and at Padur would be one of 2.5 million tonnes.

Currently, in three SPRs, India has a crude reserve of 10 days. The two new reserves will add an additional 12 days of reserve. They will also help in reducing the effect of supply shocks of crude on India.

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