India building strategic oil reserves: ONGC approves 1.75-million-tonne storage capacity

As the world faces turmoil with the ongoing Middle East situation, state-run Oil and Natural Gas Corporation (ONGC) on Friday announced that its board has granted in-principle approval for the development of a 1.75 million tonne strategic petroleum reserve at Mangaluru, a move that will enhance India's emergency crude oil storage capacity.As the world's third-largest importer and consumer of crude oil, India relies on imports for more than 88 per cent of its crude oil requirements. Against the backdrop of geopolitical uncertainty and fluctuations in global oil markets, strategic petroleum reserves remain a key element of the country's energy security framework.ONGC’s Strategic Oil Reserves MoveIn a stock exchange filing, the company said the proposed facility, along with related infrastructure, will be developed as the Phase-I expansion of the existing strategic petroleum reserve at Mangaluru.ONGC did not disclose the project's cost or implementation schedule.