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Strategic petroleum reserves are huge stockpiles of crude oil to deal with any crude oil-related crisis like the risk of supply disruption from natural disasters, war or other calamities.
These are underground caverns where crude oil can be stored.
According to the agreement on an International Energy Programm (I.E.P.), each International Energy Agency (IEA) country has an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.
In case of a severe oil supply disruption, IEA members may decide to release these stocks to the market as part of a collective action.
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The construction of the Strategic Crude Oil Storage facilities in India is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL).
ISPRL is a wholly owned subsidiary of Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas.
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India’s Strategic crude oil storages are
?Mangalore (Karnataka)
?Visakhapatnam (Andhra Pradesh)
?Padur (Karnataka)
They have fuel storage of total 5. 33 MMT (Million Metric Tonnes).
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?Chandikhol (Odisha)
?Udupi (Karnataka)
This will give an additional 6.5 million tons of the oil reserves.
After the new facilities get functional, a total of 22 days (10+12) of oil consumption will be made available.
With the strategic facilities, Indian refiners also maintain crude oil storage (industrial stock) of 65 days.
Thus, approximately a total of 87 days (22 by strategic reserves + 65 by Indian refiners) of oil consumption will be made available in India after completion of Phase II of the SPR program.
This will be very close to the 90 days mandate by the IEA.
India became an associate member of the IEA in 2017.
