India identifies two port cities to build crude oil storage tanks

May 03, 2005 02:00 AM

The Petroleum Minister, Mr Mani Shankar Aiyar told the Upper House of Parliament that the Government has identified two port cities to build three tanks to store emergency crude oil stocks.
"The Government has approved building of strategic crude oil reserves of 5 mm tpy at Mangalore (1.5 mm tpy), Visakhapatnam (1 mm tpy), and Mangalore or nearby location (2.5 mm tpy)," he said.

It is estimated that the capital investment for building strategic storage reserves at Mangalore (1.5 mm tpy) and Visakhapatnam (1 mm tpy) will be approximately Rs 1,360 crore at June 2004 prices.
Additionally, the cost of filling up the strategic crude oil storage would be based on the then prevailing international prices of crude.

The construction time is expected to be 48 months from the date of award of work, he said.
In order to implement the project, a special purpose vehicle named Indian Strategic Petroleum Reserves Ltd (ISPRL) was incorporated in June 2004 as a wholly owned subsidiary of ICO with an initial investment of Rs 1 crore.

Source: The Hindu
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