India will build its first strategic oil storage by January in an effort to insulate itself from supply disruptions, Oil Minister M Veerappa Moily has said. India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam, Andhra Pradesh and Mangalore, and Padur, in Karnataka to store about 5.33 million tonnes of crude oil, which is enough to meet its oil requirement for 13-14 days. "The storage at Visakhapatnam is expected to be commissioned in January 2014," the Oil Minister said
Posted on: Fri, 27 Sep 2013 20:22:39 +0000
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