ONGC Plans To Build 1.75 Million Metric Tonnes Petroleum Reserve
ONGC plans to construct a 1.75 million metric tonne strategic petroleum reserve in Mangalore to bolster India's energy security. This move follows global supply chain disruptions and aligns with broader efforts to increase crude storage capacity in partnership with international allies.
Why it matters
Strategic petroleum reserves are critical for national security, protecting the economy against sudden global energy supply shocks.
India's top explorer Oil and Natural Gas Corp will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz after Israel-US attacks on Iran. About a fifth of the world's energy supplies pass through the waterway.The country is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.
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