August 4, 2026: India's Oil and Natural Gas Corp (ONGC.NS), opens new tab will reserve half of its planned 1.75 million metric ton (about 13 million barrels)oil storage facility to meet the country's strategic needs, junior oil minister Suresh Gopi told lawmakers on Monday.
ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals (MRPL.NS), opens new tab subsidiary operates a refinery with capacity of 300,000 barrels per day.
New Delhi is expanding its Strategic Petroleum Reserve capacity with private participation.
Indian rules allow commercial use of a part of the existing SPR storage built at three locations - Mangaluru, Padur and Vizag - in southern India with 5.33 million tons of capacity. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
(Source: Reuters)
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