OIL & GAS

India Seeking to Free Up More Oil-Reserve Space for Companies

India is seeking to make more of its strategic crude reserve space available for companies to store oil to help cut its stockpiling costs.

The world’s third biggest oil consumer is seeking to free up as much as 12 million barrels of space for commercial storage at its underground caverns, H.P.S. Ahuja, the chief executive and managing director of Indian Strategic Petroleum Reserves Ltd., said in a Bloomberg Television interview. That’s equivalent to about a third of current capacity.

Source
Bloomberg
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