Abu Dhabi oil company commences storage in India

Minister of Petroleum and Natural Gas, Dharmendra Pradhan witnessed the loading of first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern on 12th May. During an early visit of the PM Narendra Modi, Indian Strategic Petroleum Reserves (ISPRL) had signed an agreement with Abu Dhabi National Oil Company (ADNOC) of UAE under which ADNOC will store about 5.86 million barrels of crude oil in India’s Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.

ISPRL has built 5.33 million tonnes (around 39 million barrels) of strategic crude oil storage at three locations located at Vishakhapatnam, Mangalore and Padur. Vishakhapatnam storage has a capacity of 1.33 million tonnes (9.77 million barrels) of crude oil, Mangalore has a capacity of 1.5 million tonnes (11 million barrels) and Padur can stock 2.5 million tonnes (18.37 million barrels).Government of India can use the entire available crude oil stored by ADNOC in the Mangalore SPR facility during an emergency situation. The Agreement with ISPRL also allows ADNOC to sell part of the crude oil to Indian refineries on commercial basis while adhering to mutually agreed minimum crude storage which is for exclusive use of the Indian government.

Pix credit: https://www.adnoc.ae

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