India's strategic petroleum reserve reaches 55% capacity: report
17 Sep 2019
India’s strategic petroleum reserves stand at 55 per cent of available underground storage capacity of 5.33 million tonnes, a Reuters report citing government sources said on Monday.
India has three strategic reserves in the southern cities of Vizag, Mangalore and Padur and has a current capacity to meet about 12 days’ of the country’s crude oil requirement. While the strategic oil reserve in Vishakhapatnam has a capacity of 1.33 million tonnes, Mangaluru has 1.5 million tonnes, and Padur has 2.5 million tonnes capacity.
“Vizag is currently filled up to 100 per cent,” the report said citing the official, and added that Mangalore and Padur are currently around 55 per cent and 25 per cent, respectively.
Besides, Indian refiners maintain 65 days of crude storage. This, along with the reserves added to the storage by ISPRL, the Indian crude storage capacity could last 87 days.
While Saudi Arabia has assured Indian refiners of continued supply, after an attack on Saudi Arabia’s crude oil facilities over the weekend, state-run oil marketing companies - Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - said they are closely monitoring the situation.
India has imported 4.5 million barrels per day (mbpd) of crude oil so far this fiscal, which is 0.1 mbpd less compared with import volumes in the corresponding period in previous financial year.
According to the oil ministry, the share of India’s crude oil imports from the Opec fell to 78 per cent of total imports during the first four months of FY20 compared with 83.2 per cent during the corresponding period a year ago. Crude oil imports from the US rose 213 per cent during the period.