By Tsvetana Paraskova of OilPrice.com
State-controlled Indian Strategic Petroleum Reserves Ltd (ISPRL) is finalizing feasibility studies for two new strategic petroleum reserves facilities as the world’s third-largest crude oil importer looks to boost its energy security.
ISPRL, a government-owned special purpose vehicle, is finalizing a feasibility study for a facility at Bikaner in the state of Rajasthan in northwestern India and has completed a pre-feasibility study for a cavern in Bina in the central state of Madhya Pradesh, Indian media reported on Thursday.
These two new facilities planned to host strategic petroleum reserves would add to the project led by India’s state-owned Oil and Natural Gas Corporation (ONGC), the top explorer in the country, to build a storage site at Mangaluru to hold about 13 million barrels of oil.
In the wake of the Iran war and the disrupted crude flows at the Strait of Hormuz, India found itself in search of alternatives to replace the lost Middle Eastern supply. Reco
