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Roadshow for 2nd phase of strategic oil storage

NEW DELHI: The government on Wednesday began roadshows to attract investors for building its second phase of strategic oil storage at a cost of over Rs 11,000 crore that would more than double the emergency cover against any supply disruption to 22 days.

NEW DELHI: The government on Wednesday began roadshows to attract investors for building its second phase of strategic oil storage at a cost of over Rs 11,000 crore that would more than double the emergency cover against any supply disruption to 22 days. India, which is over 83% dependent on imports to meet its oil needs, built the first phase of 5.33 million tonnes of emergency storage in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh. It now plans to build another 6.5 million tonnes of storage at Padur and Chandikhol in Odisha. PTI

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