India building underground storages for oil in Visakhapatnam, Mangalore and Padur
Q. In which of the following areas is India building underground storages for oil?
1) Visakhapatnam
2) Mangalore
3) Padur
4) Panaji- Published on 11 Feb 16a. 1, 3
b. 1, 2, 3
c. 1, 2
d. All of the above
ANSWER: 1, 2, 3
- India is building underground storages in Visakhapatnam and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil to guard against global price shocks and supply disruptions.
- In a first of its kind deal, UAE’s national oil company Adnoc has agreed to store crude oil in India’s maiden strategic storage and give two-thirds of the oil to it for free.
- Abu Dhabi National Oil Company (Adnoc) is keen on taking half of the 1.5-million-tonne Mangalore facility. It will stock 0.75 million tonnes or 6 million barrels of oil in one compartment of the Mangalore facility. Of this, 0.5 million tonnes will belong to India and it can use it in emergencies. Adnoc will use the facility as a warehouse for trading its oil.
