Minister of Petroleum & Natural Gas to launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct’2018

Ministry of Petroleum & Natural Gas

Minister of Petroleum & Natural Gas to launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct’2018

Posted On: 16 OCT 2018 10:08AM by PIB Delhi

Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship Shri Dharmendra Pradhan will launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct’2018, in New Delhi.

In line with the integrated energy policy of Government of India, Union Cabinet accorded “in principle” approval for Phase-II SPR program which involves creation of additional 6.5 MMT of storage in underground rock caverns and associated facilities at Chandikhol, Odisha (4.0 MMT) and Padur-II, Karnataka (2.5 MMT). (May please see http://pib.nic.in/newsite/PrintRelease.aspx?relid=180215)

In order to explore feasibility of commercialisation of the Phase I SPR at Padur (2.5 MMT) and the proposed Phase II SPRs at Chandikhol, Odisha (4.0 MMT) and Padur II, Karnataka (2.5 MMT), it is planned to solicit investment partners and pursue the initiatives of Phase II SPRs through PPP mode of implementation for construction, filling, and operation respectively and also filling and operation of the existing Phase I SPR at Padur.

To elicit interest and seek feedback from prospective investors, it is planned to conduct roadshows. Based on the evinced interests, a suitable model for on-boarding of investors/PPP partners will be prepared for an international competitive bidding for wider participation.

The roadshow will outline the Phase I and Phase II SPR programs along with technical details, plausible financial models and the implementation modalities.

Source: PIB