Singh Spends $2.2 Billion to Triple Oil Reserve: Corporate India
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India, Asia’s second-largest energy user, will spend $2.2 billion to more than triple its proposed emergency crude oil reserves as it seeks to protect the economy against supply disruptions.
Four caverns with a combined capacity of 12.5 million metric tons will be built at a cost of 133 billion rupees ($2.2 billion) and add to three with 5.03 million tons of capacity under construction, Indian Strategic Petroleum Reserves Ltd. Chief Executive Officer Rajan K. Pillai said. The government may turn to its biggest refiners Indian Oil Corp. and Hindustan Petroleum Corp. to help fill the reservoirs, he said.