Petroleum storage facilities to be set up under phase-2 of SPR

27 Jul 2021 CW Team

Indian Strategic Petroleum Reserve Limited (ISPRL) has set up petroleum storage facilities with a total capacity of 5.33 million metric tonnes (mmt) under Phase-I of the Strategic Petroleum Reserves (SPR) programme, Government of India, through its Special Purpose Vehicle, in three locations.

They are (i) Mangaluru (1.5 mmt), (ii) Padur (2.5 mmt), and (iii) Visakhapatnam (1.33 mmt), and crude oil has been filled in all the storage facilities.

The petroleum reserves set up under Phase I are strategic in nature. The crude oil stored in these reserves will be utilised during an oil shortage event, as and when declared by the Government of India.

The Government approved establishing two additional commercial-cum-strategic facilities with a total storage capacity of 6.5 mmt underground storages at Chandikhol (4 mmt) and Padur (2.5 mmt) on PPP mode in July 2021 under Phase II of the petroleum reserve programme.

The Request for Proposal for constructing these storage facilities is yet to be finalised. In the budget of FY 2020-21, an amount of Rs 210 crore was allocated under Phase II for land acquisition and has been disbursed to ISPRL.

According to section 9(2) of the Central Goods and Services Tax Act, the inclusion of excluded products in GST will require the approval of the GST Council. The GST Council did not give any approval so far to include petrol and diesel under GST.

Image Source

Also read: Reliance Industries to start gas production from MJ field in Q4 FY22

Also read: India’s oil demand in 2021 to fall below 2019 levels

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..