Indias strategic oil reseerve to get operational this year

Discussion in 'Defence & Strategic Issues' started by Yusuf, Apr 15, 2010.

  1. Yusuf

    Yusuf GUARDIAN Administrator

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    Indias plan to build a strategic oil reserve to cushion itself from international oil supply disruptions is set to get operational. India is to create a total of 5 million barrels of oil reserve about 14 days worth, with Vishakapatnam, Mangalore being the main areas where the oil will be stored, there were plans to have a 15 million for about 45 days worth of reserves, but that did not materialise. The cost of this project was pegged at around 2700 crores at 2005 prices but costs have escalated and is likely to cost 3000 crores.
    India will be the fourth country after US, Japan and China to build a strategic oil reserve.
     
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  3. Oracle

    Oracle New Member

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    This is a very good initiative. Seems heads are rolling now. But why only 45 days worth of reserves. India should have atleast 6 months of oil reserves and slowly start to increase this too. Imagine WWIII, Indian Ocean will be a horrific battlezone. Countries battling against us would try to block oil supplies from the middle east in anyway possible.
     
    Last edited: Apr 16, 2010

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