Strategic Petroleum Reserve (India) - Revision history

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	==See also==		==See also==
	~~{{Portal\|Energy}}~~
	*[[Global strategic petroleum reserves]]		*[[Global strategic petroleum reserves]]

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← Older revision		Revision as of 18:50, 2 February 2022
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	'''Indian Strategic Petroleum Reserves Limited (ISPRL)''' is an Indian company responsible for maintaining the country's [[Global strategic petroleum reserves\|strategic petroleum reserves]]. ISPRL is a wholly owned subsidiary of the Oil Industry Development Board (OIDB), which functions under the administrative control of the [[Ministry of Petroleum and Natural Gas]].		'''Indian Strategic Petroleum Reserves Limited (ISPRL)''' is an Indian company responsible for maintaining the country's [[Global strategic petroleum reserves\|strategic petroleum reserves]]. ISPRL is a wholly owned subsidiary of the Oil Industry Development Board (OIDB), which functions under the administrative control of the [[Ministry of Petroleum and Natural Gas]].

	ISPRL maintains an emergency fuel store of total 5.33 MMT (million metric tons) or {{convert\|36.92\|e6oilbbl\|e6m3\|abbr=off\|lk=on}} of strategic [[crude oil]] enough to provide 9.5 days of consumption<ref name="ndtv1"/><ref name="bs1">{{Cite ~~web~~\|url=http://www.business-standard.com/article/economy-policy/land-acquisition-woes-push-filling-of-strategic-reserves-to-march-115122200213_1.html\|title=Filling of strategic oil reserves delayed\|accessdate=2015-12-23}}</ref><ref>[http://www.gasandoil.com/goc/news/nts43834.htm Alexander's Gas & Oil Connections - India to build up storage of crude oil] {{Webarchive\|url=https://web.archive.org/web/20090418001150/http://www.gasandoil.com/goc/news/nts43834.htm \|date=2009-04-18 }}</ref> Strategic crude oil storages are at three underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, Karnataka\|Padur]] (Udupi, Karnataka). All these are located on the east and west coasts of [[India]] which are readily accessible to the [[List of oil refineries in India\|refineries]]. These [[strategic reserve\|strategic storages]] are in addition to the existing storages of crude oil and petroleum products with the oil companies and serve in response to external supply disruptions.<ref name="isprl1">{{Cite web\|url=http://www.isprlindia.com/aboutus.asp\|title=Indian Strategic Petroleum Reserves Limited\|accessdate=2016-01-29}}</ref>		ISPRL maintains an emergency fuel store of total 5.33 MMT (million metric tons) or {{convert\|36.92\|e6oilbbl\|e6m3\|abbr=off\|lk=on}} of strategic [[crude oil]] enough to provide 9.5 days of consumption<ref name="ndtv1"/><ref name="bs1">{{Cite news\|url=http://www.business-standard.com/article/economy-policy/land-acquisition-woes-push-filling-of-strategic-reserves-to-march-115122200213_1.html\|title=Filling of strategic oil reserves delayed\|newspaper=Business Standard India\|date=23 December 2015\|accessdate=2015-12-23\|last1=Singh\|first1=Sudheer Pal}}</ref><ref>[http://www.gasandoil.com/goc/news/nts43834.htm Alexander's Gas & Oil Connections - India to build up storage of crude oil] {{Webarchive\|url=https://web.archive.org/web/20090418001150/http://www.gasandoil.com/goc/news/nts43834.htm \|date=2009-04-18 }}</ref> Strategic crude oil storages are at three underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, Karnataka\|Padur]] (Udupi, Karnataka). All these are located on the east and west coasts of [[India]] which are readily accessible to the [[List of oil refineries in India\|refineries]]. These [[strategic reserve\|strategic storages]] are in addition to the existing storages of crude oil and petroleum products with the oil companies and serve in response to external supply disruptions.<ref name="isprl1">{{Cite web\|url=http://www.isprlindia.com/aboutus.asp\|title=Indian Strategic Petroleum Reserves Limited\|accessdate=2016-01-29}}</ref>

	Indian refiners maintain 64.5 days of crude storage, so India has overall reserve oil storage of 74 days.<ref>https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html</ref>		Indian refiners maintain 64.5 days of crude storage, so India has overall reserve oil storage of 74 days.<ref>{{Cite web\|url=https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html\|title = India to leverage low prices to fill strategic crude oil reserves\|date = 17 March 2020}}</ref>

	==History==		==History==
	The [[Gulf War]] in 1990 caused a sharp rise in oil prices and a massive increase to India's imports. During the subsequent [[1991 Indian economic crisis]], [[foreign exchange reserves]] could barely finance three weeks' worth of imports while the government came close to defaulting on its financial obligations. India was able to resolve the crisis through policies that [[Economic liberalisation in India\|liberalised the economy]]. However, India continued to be impacted by the volatility of oil prices. In 1998, the [[Second Vajpayee ministry\|Atal Bihari Vajpayee administration]] proposed building petroleum reserves as a long-term solution to managing the oil market.<ref name = "FT1">{{cite web \|title=Why India is storing crude oil in underground caves, and who came up with the idea \|url=https://www.financialexpress.com/economy/why-india-is-storing-crude-oil-in-underground-caves-and-who-came-up-with-the-idea/1224902/ \|website=The Financial Express \|accessdate=30 March 2020 \|date=29 June 2018}}</ref> Three storage facilities were built in underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, ~~Udupi~~ Karnataka\|Padur]]. A total of 5.33 MMT (million metric tons) storage capacity was built at an investment of $600 million in the first phase.<ref name="Mint1">{{cite web \|last1=Bhaskar \|first1=Utpal \|title=India to leverage low prices to fill strategic crude oil reserves \|url=https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html \|website=Livemint \|accessdate=30 March 2020 \|language=en \|date=17 March 2020}}</ref>		The [[Gulf War]] in 1990 caused a sharp rise in oil prices and a massive increase to India's imports. During the subsequent [[1991 Indian economic crisis]], [[foreign exchange reserves]] could barely finance three weeks' worth of imports while the government came close to defaulting on its financial obligations. India was able to resolve the crisis through policies that [[Economic liberalisation in India\|liberalised the economy]]. However, India continued to be impacted by the volatility of oil prices. In 1998, the [[Second Vajpayee ministry\|Atal Bihari Vajpayee administration]] proposed building petroleum reserves as a long-term solution to managing the oil market.<ref name = "FT1">{{cite web \|title=Why India is storing crude oil in underground caves, and who came up with the idea \|url=https://www.financialexpress.com/economy/why-india-is-storing-crude-oil-in-underground-caves-and-who-came-up-with-the-idea/1224902/ \|website=The Financial Express \|accessdate=30 March 2020 \|date=29 June 2018}}</ref> Three storage facilities were built in underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, Karnataka\|Padur]]. A total of 5.33 MMT (million metric tons) storage capacity was built at an investment of $600 million in the first phase.<ref name="Mint1">{{cite web \|last1=Bhaskar \|first1=Utpal \|title=India to leverage low prices to fill strategic crude oil reserves \|url=https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html \|website=Livemint \|accessdate=30 March 2020 \|language=en \|date=17 March 2020}}</ref>

	In the 2017-18 budget speech by the Indian finance minister Arun Jaitley, it was announced that two more such caverns will be set up [[Chandikhole]], Odisha and [[Bikaner]] in Rajasthan as part of the second phase. <ref name="Economic Times">{{Cite ~~web~~\|url=http://economictimes.indiatimes.com/industry/energy/oil-gas/government-to-build-2-crude-oil-storages-in-odisha-rajasthan/articleshow/56918925.cms\|title=Government to build 2 crude oil storages in Odisha, Rajasthan\|accessdate=2016-01-02\|~~publisher~~=Economic Times}}</ref> In June 2018, the [[Second Modi ministry\|Narendra Modi administration]] approved the construction of a new storage facility in [[Chandikhole]] and doubling the capacity at Padur. This would raise India's strategic reserve capacity to 11.83 million tonnes.<ref name = "FT1"/>		In the 2017-18 budget speech by the Indian finance minister Arun Jaitley, it was announced that two more such caverns will be set up [[Chandikhole]], Odisha and [[Bikaner]] in Rajasthan as part of the second phase. <ref name="Economic Times">{{Cite news\|url=http://economictimes.indiatimes.com/industry/energy/oil-gas/government-to-build-2-crude-oil-storages-in-odisha-rajasthan/articleshow/56918925.cms\|title=Government to build 2 crude oil storages in Odisha, Rajasthan\|accessdate=2016-01-02\|newspaper=Economic Times}}</ref> In June 2018, the [[Second Modi ministry\|Narendra Modi administration]] approved the construction of a new storage facility in [[Chandikhole]] and doubling the capacity at Padur. This would raise India's strategic reserve capacity to 11.83 million tonnes.<ref name = "FT1"/>

	Apart from this, India is planning to expand more strategic crude oil facilities in second phase at [[Rajkot]] in Gujarat.<ref name="ndtv1">{{Cite web\|url=http://profit.ndtv.com/news/industries/article-store-our-oil-and-take-two-thirds-for-free-uaes-offer-to-india-1275964\|title=Store Our Oil And Take Two-Thirds For Free: UAE's Offer to India\|accessdate=2016-02-10\|publisher=NDTV}}</ref>		Apart from this, India is planning to expand more strategic crude oil facilities in second phase at [[Rajkot]] in Gujarat.<ref name="ndtv1">{{Cite web\|url=http://profit.ndtv.com/news/industries/article-store-our-oil-and-take-two-thirds-for-free-uaes-offer-to-india-1275964\|title=Store Our Oil And Take Two-Thirds For Free: UAE's Offer to India\|accessdate=2016-02-10\|publisher=NDTV}}</ref>
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	\| 3 \|\| [[Padur, Karnataka\|Padur]], Karnataka \|\| <br>2.5 million tonnes and an additional 2.5 million tonnes under construction		\| 3 \|\| [[Padur, Karnataka\|Padur]], Karnataka \|\| <br>2.5 million tonnes and an additional 2.5 million tonnes under construction
	\|-		\|-
	\| 4 \|\| [[~~Chandikhol~~]], Odisha \|\| 4 million tonnes ''(under construction)''<ref name="Mint1"/>		\| 4 \|\| [[Chandikhole]], Odisha \|\| 4 million tonnes ''(under construction)''<ref name="Mint1"/>
	\|}		\|}

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2021-08-18T07:30:17Z

History

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{{Use dmy dates|date=March 2019}}
{{Use Indian English|date=March 2019}}
{{Infobox company
| name = Indian Strategic Petroleum Reserves Limited
| logo = Indian Strategic Petroleum Reserves Limited logo.png
| logo_size =
| logo_alt =
| logo_caption =
| image =
| image_size =
| image_alt =
| image_caption =
| type = [[Special-purpose vehicle]]
| industry = [[Petroleum industry|Petroleum]]
| founded = {{Start date and age|2005}}<ref>{{cite web |title=India wants to add UAE, Saudi oil for strategic reserve |url=https://www.reuters.com/article/india-crude-reserves-idUSL3N1BX3NK |website=Reuters |accessdate=15 March 2019 |language=en |date=21 September 2016}}</ref>
| founder = [[Ministry of Petroleum and Natural Gas]]
| hq_location = OIDB Bhawan, Sector-73
| hq_location_city = [[Noida]], [[Uttar Pradesh]]
| hq_location_country = India<ref>{{cite web |title=Contact us |url=http://www.isprlindia.com/contact-us.asp |website=Indian Strategic Petroleum Reserves Limited |accessdate=15 March 2019}}</ref>
| num_locations = 4
| num_locations_year = 2020
| area_served = India
| key_people = HPS Ahuja <small>(CEO & MD)</small>
| production =
| production_year = 
| services = Oil storage facilities
| revenue =
| revenue_year = 
| operating_income =
| income_year = 
| net_income = 
| net_income_year = 
| assets =
| assets_year = 
| equity =
| equity_year = 
| owner = Oil Industry Development Board (OIDB)
| members =
| members_year = 
| num_employees =
| num_employees_year = 
| divisions =
| subsid =
| module = 
| website = {{URL|http://www.isprlindia.com/}}
| footnotes =
}}

'''Indian Strategic Petroleum Reserves Limited (ISPRL)''' is an Indian company responsible for maintaining the country's [[Global strategic petroleum reserves|strategic petroleum reserves]]. ISPRL is a wholly owned subsidiary of the Oil Industry Development Board (OIDB), which functions under the administrative control of the [[Ministry of Petroleum and Natural Gas]].

ISPRL maintains an emergency fuel store of total 5.33 MMT (million metric tons) or {{convert|36.92|e6oilbbl|e6m3|abbr=off|lk=on}} of strategic [[crude oil]] enough to provide 9.5 days of consumption<ref name="ndtv1"/><ref name="bs1">{{Cite web|url=http://www.business-standard.com/article/economy-policy/land-acquisition-woes-push-filling-of-strategic-reserves-to-march-115122200213_1.html|title=Filling of strategic oil reserves delayed|accessdate=2015-12-23}}</ref><ref>[http://www.gasandoil.com/goc/news/nts43834.htm Alexander's Gas & Oil Connections - India to build up storage of crude oil] {{Webarchive|url=https://web.archive.org/web/20090418001150/http://www.gasandoil.com/goc/news/nts43834.htm |date=2009-04-18 }}</ref> Strategic crude oil storages are at three underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, Karnataka|Padur]] (Udupi, Karnataka). All these are located on the east and west coasts of [[India]] which are readily accessible to the [[List of oil refineries in India|refineries]]. These [[strategic reserve|strategic storages]] are in addition to the existing storages of crude oil and petroleum products with the oil companies and serve in response to external supply disruptions.<ref name="isprl1">{{Cite web|url=http://www.isprlindia.com/aboutus.asp|title=Indian Strategic Petroleum Reserves Limited|accessdate=2016-01-29}}</ref>

Indian refiners maintain 64.5 days of crude storage, so India has overall reserve oil storage of 74 days.<ref>https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html</ref>

==History==
The [[Gulf War]] in 1990 caused a sharp rise in oil prices and a massive increase to India's imports. During the subsequent [[1991 Indian economic crisis]], [[foreign exchange reserves]] could barely finance three weeks' worth of imports while the government came close to defaulting on its financial obligations. India was able to resolve the crisis through policies that [[Economic liberalisation in India|liberalised the economy]]. However, India continued to be impacted by the volatility of oil prices. In 1998, the [[Second Vajpayee ministry|Atal Bihari Vajpayee administration]] proposed building petroleum reserves as a long-term solution to managing the oil market.<ref name = "FT1">{{cite web |title=Why India is storing crude oil in underground caves, and who came up with the idea |url=https://www.financialexpress.com/economy/why-india-is-storing-crude-oil-in-underground-caves-and-who-came-up-with-the-idea/1224902/ |website=The Financial Express |accessdate=30 March 2020 |date=29 June 2018}}</ref> Three storage facilities were built in underground locations in [[Mangalore]], [[Visakhapatnam]] and [[Padur, Udupi Karnataka|Padur]]. A total of 5.33 MMT (million metric tons) storage capacity was built at an investment of $600 million in the first phase.<ref name="Mint1">{{cite web |last1=Bhaskar |first1=Utpal |title=India to leverage low prices to fill strategic crude oil reserves |url=https://www.livemint.com/news/india/india-to-leverage-low-prices-to-fill-strategic-crude-oil-reserves-11584431985105.html |website=Livemint |accessdate=30 March 2020 |language=en |date=17 March 2020}}</ref>

In the 2017-18 budget speech by the Indian finance minister Arun Jaitley, it was announced that two more such caverns will be set up [[Chandikhole]], Odisha and [[Bikaner]] in Rajasthan as part of the second phase. <ref name="Economic Times">{{Cite web|url=http://economictimes.indiatimes.com/industry/energy/oil-gas/government-to-build-2-crude-oil-storages-in-odisha-rajasthan/articleshow/56918925.cms|title=Government to build 2 crude oil storages in Odisha, Rajasthan|accessdate=2016-01-02|publisher=Economic Times}}</ref> In June 2018, the [[Second Modi ministry|Narendra Modi administration]] approved the construction of a new storage facility in [[Chandikhole]] and doubling the capacity at Padur. This would raise India's strategic reserve capacity to 11.83 million tonnes.<ref name = "FT1"/>

Apart from this, India is planning to expand more strategic crude oil facilities in second phase at [[Rajkot]] in Gujarat.<ref name="ndtv1">{{Cite web|url=http://profit.ndtv.com/news/industries/article-store-our-oil-and-take-two-thirds-for-free-uaes-offer-to-india-1275964|title=Store Our Oil And Take Two-Thirds For Free: UAE's Offer to India|accessdate=2016-02-10|publisher=NDTV}}</ref>

==Storage capacity==
{| class="wikitable"
|-
! S. No. !! Location !! Capacity
|-
| 1 || [[Visakhapatnam]], Andhra Pradesh || 1.33 million tonnes
|-
| 2 || [[Mangalore]], Karnataka || 1.5 million tonnes
|-
| 3 || [[Padur, Karnataka|Padur]], Karnataka || <br>2.5 million tonnes and an additional 2.5 million tonnes under construction
|-
| 4 || [[Chandikhol]], Odisha || 4 million tonnes ''(under construction)''<ref name="Mint1"/>
|}

==See also==
{{Portal|Energy}}
*[[Global strategic petroleum reserves]]

==External links==
* [http://www.isprlindia.com/ ISPRL website]
* [https://abclive.in/explained-why-india-plans-to-outsource-its-strategic-petroleum-reserves/ Explained: Why India Plans to Outsource Its Strategic Petroleum Reserves]

==References==
{{Reflist}}

{{Energy Ministries and Departments of India}}

[[Category:Petroleum economics]]
[[Category:Institutions of Petroleum in India]]
[[Category:Energy security]]
[[Category:Oil storage]]
[[Category:Companies based in Noida]]
[[Category:Indian companies established in 2005]]
[[Category:Energy infrastructure in India]]
[[Category:Ministry of Petroleum and Natural Gas]]
[[Category:Petroleum infrastructure in India]]