Chinese oil giant PetroChina, along with other global players such as BP, Shell, and trading companies like Trafigura, Vitol, Glencore, Vopak, and KNOC, has expressed interest in participating in the establishment of new strategic petroleum reserves (SPRs) in India. India, a significant oil importer and consumer ranking third globally, currently maintains 5.55 million tons of crude reserves across three locations in the southern part of the country.
In the year 2021, the government approved the construction of two additional SPRs in collaboration with private enterprises. These include a 6.5 million-ton facility planned for Chandikhol in the eastern state of Odisha, as well as a 2.5 million-ton cavern proposed for Padure in the southern state of Karnataka. As reported by Reuters, it’s important to note that these SPRs will be under the ownership of the federal government. In times of oil shortages, the government will possess primary rights to the stored crude oil.
