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Government contemplating 45-day crude oil storage
Friday, January 1 99 00:52 Hrs (IST)
New Delhi: Government is considering building a strategic storage of crude oil to provide for a 45-day
cover, Lok Sabha was informed on July 24.
Stating that this storage would be built gradually, Petroleum Minister Ram Naik said during Question
Hour that in the first phase, 15 days' storage has been proposed.
He said action was being taken to finalise the mode of financing, building and operating the storage.
A delegation led by him had visited the strategic petroleum reserve of the United States at Bryan Mound
site in Texas in June and a technical team would visit the place shortly, Naik said.
Engineers India Limited had prepared detailed feasibility reports for constructing underground strategic
storage of crude oil to provide for 15 days' cover, he said, adding the issue of strategic oil storage was
being further studied by Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC).
PTI
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