India overhauls petroleum reserve policy to boost private interest: Report

india overhauls petroleum reserve policy to boost private interest report

Sumary of India overhauls petroleum reserve policy to boost private interest: Report:

  • NEW DELHI: India has decided to commercialise half of its current strategic petroleum reserves (SPRs) as the nation looks to enhance private participation in the building of new storage facilities, two government sources told Reuters on Thursday (Jul 22).
  • Allowing commercialisation of SPRs mirrors a model adopted by countries such as Japan and South Korea which allow private lesees, mostly oil majors, to re-export crude.
  • Last year India allowed ADNOC to export half of its oil in Mangalore SPRs as the middle eastern oil major found it difficult to sell oil to Indian refiners.

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