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First oil cargo for India’s strategic reserve sails from UAE

News Summed Up 2018-05-14 05:30:00

With India building around 39 million barrels of strategic crude oil storage facility, the 5.86 million barrels supplied by state-run Abu Dhabi National Oil Company (ADNOC)—the only one to partner with India on its crude oil reserve programme till date, can be used during an emergency. India’s strategic crude oil storages are located at Vizag (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes). US has also evinced interest to collaborate with India on its crude oil reserve programme as part of a strategic energy partnership that covers sectors such as oil and gas, power, renewable energy and coal. The development also assumes importance given that UAE supplies 8% of crude oil imports of India. “The strategic reserve will provide a boost to India’s energy security and help us deal with supply side disruptions.