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India oil reserve News

India oil reserve

04 Feb 2016

Govt seeks $2.2 billion to build second phase of strategic oil reserves

Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.

28 Aug 2015

Savings on oil will help in funding social security schemes: FM

India, which imports close to 80 percent of its oil needs, spent about USD 124 billion in 2014-15 on shipping oil.

28 Aug 2015

'India's oil imports dependence may hit 90% in next 2 decades'

India imports 79 percent of its oil needs, and spent USD 138.3 billion on the same.

31 Mar 2015

Govt allocates Rs 4,948 cr for filling strategic oil reserves

Taking advantage of lower oil prices, the government on Tuesday allocated Rs 4,948 crore to full India's maiden strategic oil reserves to insulate itself from supply disruptions.

19 Mar 2015

India to import Iraqi oil to fill strategic reserves

India is set to import 8 million barrels of Iraqi oil to fill its first strategic petroleum reserve (SPR).

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