India raises strategic oil reserve size

India raises strategic oil reserve size
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First Published: Tue, Aug 28 2007. 02 35 AM IST
Updated: Tue, Aug 28 2007. 02 35 AM IST
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.
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First Published: Tue, Aug 28 2007. 02 35 AM IST
More Topics: India | Crude oil | Money Matters | Commodities |