Petroleum Reserve to Cut Import-Shock Risks: Corporate India
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India will be ready to fill its first strategic crude oil reservoir by the end of the year, the head of the project said, advancing Prime Minister Narendra Modi’s goal to shield Asia’s second-largest energy user from supply shocks.
Two more storage facilities on the west coast are likely to be finished by the second half of 2015, Rajan K. Pillai, chief executive officer of Indian Strategic Petroleum Reserves Ltd., said in a phone interview from a New Delhi suburb yesterday. The first reservoir is at Visakhapatnam in Andhra Pradesh state.