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India keeps 10 days oil reserve for the difficult situations

Tuesday - September 17, 2019 3:04 pm , Category : BUSINESS
India holds 5.38 million metric tonnes of the strategic petroleum reserve
India holds 5.38 million metric tonnes of the strategic petroleum reserve

Know from where and how to India supply oil to the countrymen during the emergency?

SEP 17 (WTN) - Soon petrol-diesel prices in the country may increase by 10 to 12 per cent. This is why, because after the attack on two oil plants of the world's largest oil company Aramco in Saudi Arabia, the oil supply to the entire world has been badly affected. After the attacks on oil plants, the price of crude oil has increased by 12 per cent. At the same time, if the work is not started in damaged oil plants in time, then in the coming time the price of crude oil may increase even more.

The increase in crude oil prices after the attack at oil plants of Aramco is going to have an impact on other countries, including India. But do you know that after the hurdle in the supply of crude oil and increase in the prices of crude oil, what is the solution of the Government of India to supply the oil smoothly during the emergency? For your information, let you know that keeping in mind such possible constraints in the supply of crude oil, many countries including India have SPR (Strategic Petroleum Reserve). Let us tell you what is a strategic petroleum reserve?

First of all, let us know that in Saudi Arabia, two plants of Aramco, the world's largest oil company; have been attacked with about 10 drones. The attack is charged with Yemen's Houthi rebels. More than half of the oil company's oil production has been affected following the attack on Aramco's plants.

For your information, let you know that the Abqaiq plant, 60 km south-west of Aramco Oil Company's Dhahran headquarters, is the stronghold of the company's largest oil processing plant. In the past, terrorists have been targeting it. In February 2006, Al-Qaeda suicide bombers tried to attack the oil company, but they proved to be unsuccessful.

After the attack on Aramco's plants, production of about 5.7 million barrels of crude oil per day will remain suspended until the plants functional starts again. This means that more than half of the company's oil production has been affected after the attack. After the attack, the US President Donald Trump says that he is ready to use oil from the strategic petroleum reserve to maintain stability in an emergency situation.

Like the US, India also has such strategic petroleum reserve (SPR). For your information, let us know that in the strategic petroleum reserve (SPR), crude oil is protected for emergency. This is why, because in the event of this, when the supply of crude oil is interrupted, during the Emergency, this reserve can be met to meet the needs of the oil and there is no shortage of oil in the country.

For your information, let us tell you that the decision to create a strategic petroleum reserve was taken by the Indian Government during the Gulf War, when the country faced a serious oil crisis. At the time of Gulf crisis, India had only 3 days of oil left. In order to not face such problems in future, the Government of India has created 3 strategic petroleum reserves in the country.

India's strategic petroleum reserves have been built at Visakhapatnam in Andhra Pradesh, Mangalore and Padur in Karnataka. The total capacity of these three strategic petroleum reserves is 5.38 million metric tons. A total of Rs 4,098 crore has been spent to make them. The capacity of these three reserves is so much that if needed during the Emergency, these reserves can supply oil to the entire country for 10 days.

Strategic petroleum reserves are fairly safely constructed into land or mountain form caves at considerable depths. The strategic petroleum reserve at Visakhapatnam is built on 67 acres of land for Rs 1,178.35 crore. The reserve has a storage capacity of 1.33 million metric tons. The Mangalore reserve has been built on 104.73 acres of land for Rs 1,227 crore, with a capacity of 1.55 million metric tons. Talk about Padur Strategic Petroleum Reserve, so it has been built on 179.21 acres of land for Rs 1,693 crore. It has a capacity of 2.50 million metric tons.

Here, in June last year, Prime Minister Narendra Modi's cabinet approved for two additional strategic petroleum reserves. These strategic petroleum reserves will be built at Chandikhol in Odisha and Padur in Karnataka. The Chandikhol reserve has a capacity of 4 million metric tons, while the new reserve being built at Padur in Karnataka has a capacity of 2.5 million metric tons. After the construction of two additional strategic petroleum reserves, the total strategic petroleum reserve capacity of the country will come to 11.88 million metric tons.

For your information, let us know that if the import of crude oil is affected due to any international reason, then it will naturally increase the prices of crude oil. In such a situation, strategic petroleum reserves have been created to facilitate the supply of crude oil in the country and to prevent the wild increase in the price of oil, so that oil can be supplied smoothly.

India currently has three strategic petroleum reserves with a total capacity of 5.38 million metric tons. From these three reserves, oil can be supplied in the country for 10 days at the time of emergency. At the same time, after the completion of two additional strategic petroleum reserves, the country will have a total of 23 days in oil reserves. That is, during the time of emergency in the import of crude oil, India can use the oil held in the reserve for 23 days.