Global energy giants line up for Phase II strategic petroleum reserves project in India

livemint.com:

New Delhi: In a testament to India’s growing significance in the global energy landscape, top-tier international energy giants have shown enthusiasm in participating in Phase II of the country’s Strategic Petroleum Reserves (SPR) project, said minister of state in the ministry of petroleum & natural gas, Rameswar Teli. In a written reply in the Lok Sabha, the minister said, “During the two Road shows conducted, global trading companies like Trafigura, BP, SKE&C, Petrochina, GASP, Vopak, Geostock, Monnet, Hyundai, Gulf Energy, Natixis, Vitol, Glencore, DBS, KNOC, Lloyd’s Register, IC-Group, ANU Resources, Shell, Parson Brinkerhoff, Sweco AB, SKANSKA etc., evinced interest in participating in Phase II SPR project." The underground SPR storages, located in Visakhapatnam, Andhra Pradesh (1.33 MMT), Mangaluru (1.5MMT), and Padur, Karnataka (2.5 MMT), have a combined capacity of 5.33 million metric tonne (MMT) of crude oil.

The entire facility will be owned by the Central government, and the selected concessionaire will be responsible for transferring the SPR, along with the Single Mooring Point (SPM), onshore and offshore pipelines, to the government at the end of the 60-year concession period. Additionally, the government will have the first right to take the crude oil in case of an oil shortage event.