Mangaluru and Udupi helps India in saving Rs 5,000 Cr


Team Udayavani, Jun 5, 2020, 12:09 PM IST

India has saved Rs 5,000 crore in foreign exchange while strengthening its energy security by filling the strategic reserves to full capacity with cheap crude oil.

Taking advantage of low crude prices due to the Covid-19 situation, India filled its strategic reserves to full capacity in the Mangaluru and Padur storages.

The storages at Mangalore and Padur were half-empty and there was some space available in Vizag storage as well. These were filled by buying oil from Saudi Arabia, the UAE and Iraq

The Strategic Petroleum Reserve entity of India (ISRPL) built the underground storages at Mangalore and Padur in Andhra Pradesh and Visakhapatnam in Andhra Pradesh as insurance against supply and price disruptions

Mangalore storage has a total capacity of 1.5 million tonnes, out of which half had previously been hired by Abu Dhabi National Oil Co (ADNOC) to store its crude oil. The remaining half was in April/May filled by oil brought by state-owned oil firms.

Padur, the biggest of the three storages, has a total capacity of 2.5 million tonnes (about 17 million barrels) and now government-sourced crude fills up half of the Padur capacity, and the remaining 1.25 million tonnes of crude oil has now being sourced from Saudi Arabia.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Mandhana, Renuka blow away West Indies in first ODI

‘Condition critical’, say doctors as farmer leader Dallewal’s fast enters 27th day

Related Articles More

Kannada Sahitya Sammelana: Food distribution creates stir

Malpe: Carol singing brings Christmas cheer to homes

Take steps to establish NIMHANS and diabetology units in Kalaburagi and Mysuru: CM Siddaramaiah

Puttur: Driver killed after electric auto rickshaw overturns

We have evidence of BJP MLC Ravi using invective inside K’taka Legislative Council: CM Siddaramaiah

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Kannada Sahitya Sammelana: Food distribution creates stir

Rohit gets hit in nets, practice pitches on slower side

India & Kuwait elevate ties to strategic level; ink defence pact after PM Modi meets top Kuwaiti leaders

In Kuwait, PM Modi meets yoga practitioner, other influencers from Gulf country

Notorious gangster wanted in UAPA case arrested at Nepal border

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.