India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India's strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country's three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
The prime minister has been unveiling a slew of development projects running into lakhs of crores of rupees at various places as he turns the spotlight on his government's development and welfare agenda in the run-up to the general elections expected to be held in April-May.
Modi, in his rally just days ahead of the last phase of the Lok Sabha election, also said that "well-wishers of Naveen babu are worried over his deteriorating health condition."
Talks on pre-poll alliance were being held between the ruling Biju Janata Dal and the opposition BJP for the past few days.
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Although the BJP has never been ballistic about the BJD and Narendra Modi has avoided being critical of Naveen Patnaik, the BJP is optimistic that the party can improve its electoral fortunes in Odisha on its own, notes Rup Narayan Das.
The 78-year-old Naveen is on the cusp of creating history. He must win the forthcoming Assembly polls to become India's longest-serving chief minister, a record held by Sikkim's Pawan Kumar Chamling.
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The IMD has also issued a red-coded warning alert to the Odisha and West Bengal coasts.
West Bengal and Odisha have evacuated lakhs of people from vulnerable areas to safety as severe cyclonic storm 'Yaas' is nearing the coast and is expected to make landfall near Dhamra Port in Bhadrak district early on Wednesday morning.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
India is building its oil reserves in underground rock caverns and tanks
'In being dismissive of Naveen, his colleagues showed incredible naivety.' 'On the few occasions that he put his foot down, the overconfident party leaders, who believed they were using him and not the other way around, failed to read the signs of what was to come.'
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