Boosting energy security: New strategic petroleum reserves announced

Alongside widening its import sources, India is enhancing its strategic petroleum storage capacity. Indian Strategic Petroleum Reserve Limited (ISPRL) has commissioned three coastal facilities in Andhra Pradesh and Karnataka, together offering 5.33 million metric tonnes of crude‑oil storage. These reserves serve as a buffer when global oil prices surge abruptly.

The cabinet has also approved two additional commercial‑strategic reserve sites in Odisha's Chandikhola and Karnataka's Padur, each adding 6.5 million metric tonnes of capacity. Both projects were originally cleared in July 2021. The expanded storage network enables refineries to draw on domestically held crude during periods of extreme market volatility, strengthening overall energy security.