New Delhi: India has raised the size of the first phase of a planned strategic crude oil reserve by 33%, a government source close to the project said on Monday. But an earlier 2010 deadline to raise the storage capacity would be difficult to meet.
A 10-member consortium, comprising firms from Iran, Japan and China, have been shortlisted to build the underground caverns.
“Last week, we took a decision to raise the capacity of (initial) storages to 1.33 million tonnes (9.75 million barrels),” the official, who did not wish to be identified, said.