STRATEGIC PETROLEUM RESERVES
GS 3: Economy | Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
Why in News?
In a boost to energy security of the country, PM recently dedicated to the nation, 1.33 MMT Visakhapatnam Strategic Petroleum Reserve (SPR) facility of Indian Strategic Petroleum Reserve Limited (ISPRL).
- The Facility has the largest underground storage compartment in the country. The Government of India had decided to set up 5 million metric tons (MMT) of strategic crude oil storages at three locations namely, Visakhapatnam, Mangalore and Padur (near Udupi). These strategic storages would be in addition to the existing storages of crude oil and petroleum products with the oil companies and the reserves would serve as a cushion during any external supply disruptions.
- In the 2017-18 budget, it was announced that two more such caverns will be set up Chandikhole in Jajpur district of Odisha and Bikaner in Rajasthan as part of the second phase.
- The construction of the Strategic Crude Oil Storage facilities is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL), a Special Purpose Vehicle, which is a wholly owned subsidiary of Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas.