An Indian company seeks to replace stocks of “ADNOC” oil with...

India’s MRPL is seeking to fill part of the storage space of Mangalore’s strategic oil reserves with Saudi crude instead of Upper Zakum crude from Abu Dhabi, a senior official said on Thursday.

read more

HPS Ahuja, CEO of the Strategic Petroleum Reserves Corporation, which manages the country’s federal oil reserves, confirmed earlier reports to Reuters that India had amended its policy on strategic reserves to enable it to lease part of its facility to Indian and foreign companies.

India, the world’s third largest oil importer and consumer, has built strategic warehouses in three locations in the south of the country to store up to five million tons of oil, equivalent to nearly 37 million barrels, to protect against supply disruptions.

The Abu Dhabi National Oil Company, “ADNOC”, leases one of two warehouses of equal size within the Mangalore Strategic Petroleum Reserve.

“ADNOC will continue to store its oil in its warehouse, but we will need to evacuate the other warehouse as MRBL wants to store Saudi oil,” Ahuja said, adding that MRBL is slowly withdrawing Upper Zakum crude. .

Source: Reuters

Follow RT onRT
RT

These were the details of the news An Indian company seeks to replace stocks of “ADNOC” oil with... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Exxon smashes Western oil majors’ profits with $56bn in 2022

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]