India has crude oil reserve for 74 days to meet emergency

Government of India Dec. 15 said it has crude oil reserve for 74 days to counter emergency situations like war or natural calamity and efforts are on to have the stock for 90 days, as per international norms.
"In our strategic reserve meant for emergency situations like war or natural calamities, we have crude oil reserve for 74 days. However, as per international norms reserves should be available for 90 days. We are trying to fill this gap as soon as possible," Minister of state for Petroleum and Natural Gas Jitin Prasada told the Rajya Sabha.

He said during Question Hour that all the three major oil PSUs -- Hindustan Petroleum, Bharat Petroleum and Indian Oil -- together have oil reserves worth 3.3 mm tons with them.
"The government is however setting up a Strategic Crude Oil Reserve of 5 mm tons capacity at three locations -- Visakhapatnam (1.0 mm tons), Mangalore (1.5 mm tons) and Padur (2.5 mm tons) through the Indian Strategic Petroleum Reserves Ltd (ISPRL), a 100 % subsidiary of the Oil Industry Development Board (OIDB)," Prasada said, adding the project is targeted to be completed by 2012.