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India issues tender for new 2.5 mln T tactical petroleum reserve

India is looking for private business to develop and operate a 2.5 million metric lot store for petroleum reserves at Padur in southern Karnataka state, according to a tender posted on the website of Indian Strategic Petroleum Reserve Ltd (ISPRL).

Bids are invited to develop commercial cum strategic petroleum reserves consisting of a single point mooring and associated infrastructure on a style, develop, financing, run and move basis, the notification states.

ISPRL, which handles federal oil inventories, operates 3 tactical petroleum reserves (SPRs) in southern India with a. integrated capability of about 5 million loads. Part of that capability. is utilized for business operations by companies consisting of Abu. Dhabi National Oil Co (ADNOC).

In 2021, India overhauled its policy to enable part of SPRs. to be used commercially, mirroring a model embraced by nations. such as Japan and South Korea that enables personal lessees,. mostly oil majors, to re-export crude.

A pre-bid conference for the brand-new Padur center will be hung on. Jan. 10 and the tender will close on Feb. 3.

India, the world's third-biggest oil importer and consumer,. imports over 80% of its oil requirements and is raising its SPR. capacity to protect versus any worldwide supply interruption.

India is also planning to develop a 4 million load SPR at. Chandikhol in eastern Odisha state.

(source: Reuters)