ONGC to reserve half of oil storage facility in Mangaluru towards strategic reserves: MoS Petroleum
The Ministry of State for Petroleum has announced that Oil and Natural Gas Corporation (ONGC) will set aside half of its oil storage facility in Mangaluru for strategic reserves. This move aims to boost India's oil storage capacity, which currently meets 74 days of its net crude import requirements. By reserving space for strategic reserves, India can better prepare for potential disruptions in oil supply and reduce its reliance on imports, potentially benefiting the economy and stabilizing energy markets.
Read the source report: The Hindu
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