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Steps to increase storage capacity for oil
Steps To Increase Storage Capacity For Oil . The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the Government, through Indian Strategic Petroleum Reserves Limited (ISPRL), is setting up Strategic Crude Oil Reserves with storage capacity of 5.33 Million Metric Tonnes (MMT) at three locations viz.
The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the Government, through Indian Strategic Petroleum Reserves Limited (ISPRL), is setting up Strategic Crude Oil Reserves with storage capacity of 5.33 Million Metric Tonnes (MMT) at three locations viz. Visakhapatnam (storage capacity: 1.33 MMT), Mangalore (storage capacity: 1.5 MMT) and Padur (storage capacity: 2.5 MMT) to enhance the energy security of the country. Besides, in order to further increase the Strategic Crude Oil storage capacity, ISPRL through Engineers India Limited, has prepared a detailed feasibility study for construction of additional 12.5 MMT of strategic crude oil storages in Phase-II.
The capital cost for construction of 12.5 MMT of strategic crude oil storage in Phse-IIis approx. Rs 13216 crore based on March, 2013 prices. The cost of filling 12.5 MMT of crude oil based on the current price of crude oil ($ 55.19 per bbl and the current exchange rate ( Rs 62.43 / $ ) is Rs 31570 crore. Thus the total investment required for increasing the storage in the country by 12.5 MMT in Phase-II is aroundRs 44786 crore.
