At which of the following places, India is developing its Strategic Petroleum Reserve (SPR)?
At which of the following places, India is developing its Strategic Petroleum Reserve (SPR)?
[A]Mangaluru
[B]Chennai
[C]Kolkata
[D]Mumbai
Mangaluru
In the first phase, India is developing Strategic Petroleum Reserves (SPRs) at Vishakapatnam, Mangaluru and Padur (near Mangaluru). In the second phase India is planning to develop the SPRs at Chandikhol (Odisha), Bikaner (Rajasthan) and Rajkot (Gujarat). The SPRs acts as a valuable buffer against short term oil supply disruptions as well as to buy and store oil when prices are low and release them to refiners when there is a spike in global rates.
