Preliminary Expression of Interest for crude filing in ISPRL , Padur Strategic Storage facility invited
The Integrated Energy Policy of India approved by the Cabinet in 2008 states that “A reserve equivalent to 90 days of oil imports should be maintained for strategic cum buffer stock purposes and/or buy options for emergency supplies from neighboring large storage such as those available in Singapore. The buffer stocks should be used to address short term price volatility. Operating the strategic buffer reserves in cooperation with other countries who maintain such reserves should also increase their effectiveness”
Indian Strategic Petroleum Reserves Limited (ISPRL), under the administrative jurisdiction of Ministry of Petroleum and Natural Gas, Government of India, has built strategic storages at three locations. The locations are Visakhapatnam, Mangalore and Padur. The facilities at Visakhapatnam and Mangalore have already been commissioned. ISPRL has also constructed underground crude oil storages at Padur in the State of Karnataka in India. The facility is expected to be ready for crude filling in the first quarter of 2017.
ISPRL, on behalf of Government of India, has invited Preliminary Expression of interest from reputed, Companies/Traders/Financial Institutions/ Multi National Companies either individually or as a consortium, interested in storing crude oil in any one or more compartments of the storage facility at Padur. The four compartments provide a total storage capacity of 19.4 Million Barrels (MMbbl). The Padur facility is connected to the 15 MMT per annum Oil Refinery of Mangalore Refineries and Petrochemicals Limited (MRPL) which is proposed to be expanded to 21 MMT per annum soon.