+
Petroleum storage facilities to be set up under phase-2 of SPR
OIL & GAS

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

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

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

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?