India to lease out space in strategic oil storage

After dropping a Rs 5,000 crore plan to fill parts of strategic oil storages, the government will lease out space in the underground rock caverns to domestic and international firms to store oil, a......

How India is building its oil reserves

India is building its oil reserves in underground rock caverns and tanks, finds out Abheet Singh Sethi/IndiaSpend.com. Image: A natural underground rock cavern has been reshaped near the port of......

India to build 1st strategic oil storage by Jan 2014

India will build its first strategic oil storage by January in an effort to insulate itself from supply disruptions, Oil Minister M Veerappa Moily said on Friday. India, which is 79 per cent......

India makes first crude oil purchase for strategic reserve

India's fast-growing economy has become the world's fourth-largest oil consumer after the United States, China and Japan. India has bought the first oil for its strategic petroleum reserve (SPR),......