India has begun selling oil from its reserve
India has begun selling oil from its Strategic Petroleum Reserve (SPR) to state-run refiners, reported Reuters quoting three sources.
India’s move comes at a time as it “implements a new policy to commercialise its federal storage by leasing out space,” wrote the news agency.
Indian Strategic Petroleum Reserves Ltd (ISPRL), manages the federal oil inventories. It said it will lease 30 percent of its overall 37 million barrels capacity to Indian and foreign companies.
Abu Dhabi National Oil Co (ADNOC) has leased one of the two equal size chambers at the 11-million-barrel Mangalore SPR, reported the news agency.
“The ISPRL is gradually releasing 8 million barrels from the SPRs to create space to also lease to state-run Mangalore Refinery and Petrochemicals Ltd and Hindustan Petroleum Corp, the sources said, asking not to be named,” wrote the news agency.
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