KPC Explores Oil Storage in India’s SPR

SEATTLE (Oil Monster): The Kuwait Petroleum Corporation (KPC), which is owned by the state of Kuwait, declared that it is looking into ways to store crude oil in India's Strategic Petroleum Reserves (SPR). Along with Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), it intends to take part in the project's second phase.

The Ministry of External Affairs (MEA) of India claims that in November 2022, it provided KPC with information about the second phase of India's SPR. The construction of caverns with capacities of 4 million metric tonnes (MMT) and 2.5 MMT in the states of Odisha and Karnataka, respectively, is part of the second phase of SPR expansion. It is anticipated that these facilities would function using a public-private partnership (PPP) paradigm.

RELATED NEWS:

Bids Invited for New Commercial Crude Oil Strategic Storage 

Ministry Plan to Replenish Strategic Oil Reserves Put on Hold

The Gulf Cooperation Council (GCC) has been contacted by the Indian Strategic Petroleum Reserve Limited (ISPRL), which oversees the nation's strategic oil reserves, regarding potential investment in the second stage of its growth. It should be mentioned that ISPRL presently runs three facilities with a combined capacity of 5.33 MMT around the nation.

ISPRL and Oman Tanking Terminal Company LLC (OTTCO) signed a Memorandum of Understanding (MoU) in June of last year to participate in the Ras Markaz project, which is part of an effort to increase the nation's strategic oil storage outside of its boundaries.