{"id":12926,"date":"2025-01-07T07:05:55","date_gmt":"2025-01-07T07:05:55","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12926"},"modified":"2025-01-07T07:05:55","modified_gmt":"2025-01-07T07:05:55","slug":"india-looks-to-expand-strategic-petroleum-reserve-sites","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12926\/","title":{"rendered":"India Looks to Expand Strategic Petroleum Reserve Sites"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India has issued a tender to private companies to build and operate a new storage site for the Strategic Petroleum Reserve of the world’s third-largest crude oil importer.<\/p>\n

Indian Strategic Petroleum Reserve Limited (ISPRL), the state firm managing India’s government petroleum inventories, has issued a tender notice to private firms inviting them to bid for a storage site of 2.5 million metric tons at Padur for “commercial cum strategic petroleum reserves,” according to a tender notice seen by Reuters<\/a>.<\/p>\n

The storage site would include a single point mooring and associated infrastructure on a “design, build, finance, operate and transfer basis,” ISPRL said in the tender.<\/p>\n

Currently, India’s underground Strategic Petroleum Reserve storage has a\u00a0total capacity<\/a>\u00a0of 5.33 million metric tons of crude oil, equal to only 39 million barrels of crude oil, or eight days’ worth of India’s oil consumption.<\/p>\n

The storage sites are located in Vishakhapatnam in the state of Andhra Pradesh, and Mangaluru and Padur in the state of Karnataka.<\/p>\n

Now India is looking to have another storage site at Padur.<\/p>\n

The country is also considering the building of a larger, 4.4-million-ton SPR site at Chandikhol, in the eastern Indian state of Odisha.<\/p>\n

Private companies, including Abu Dhabi National Oil Company (ADNOC), have been using and storing<\/a> in recent years petroleum at the existing SPR sites.<\/p>\n

With spiking petroleum demand and about 85% of its crude coming from imports, India is now looking to expand its SPR storage sites.<\/p>\n

Last year, India surpassed China as the\u00a0world’s biggest<\/a>\u00a0oil demand growth driver, the U.S. Energy Information Agency (EIA) said in its latest Short-Term Energy Outlook (STEO) for December.<\/p>\n

India is expected to account for 25% of global oil demand growth this year, the EIA reckons. In 2024, Indian oil consumption growth was estimated at around 220,000 barrels per day (bpd), compared to China’s 90,000 bpd growth.<\/p>\n

In 2025, Indian oil demand is set to grow by 330,000 bpd. China will see a higher growth rate next year compared to this year’s weaker-than-expected increase. Yet, at 250,000 bpd growth in 2025, China will still lag India’s consumption increase, according to the EIA.<\/p>\n

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