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National oil firms in Middle East keen to hire storage in India

Sep 03, 2015    

New Delhi: National oil companies of Saudi Arabia, Iran, Kuwait and UAE have evinced interest in hiring a part of the under-construction strategic oil storages being built on the west coast but first want India to liberalise policy by allowing export of crude oil.India, which is 79 percent dependent on imports to meet its crude oil needs, recently built a 1.33 million tonne underground oil storage at Visakhapatnam in Andhra Pradesh.Caverns totalling 4 million tons at Mangalore and nearby Padur in Karnataka will be built by December to guard against crude price shocks and supply disruptions.UAE...

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