India looks to store oil in Oman, says ISPRL chief
India, the world's third biggest oil importer and consumer, imports over 80% of its oil needs and is raising its strategic petroleum reserve capacity to protect against any global supply disruption.
"If the talks with Oman materialise this would be the first time we will be holding strategic storage overseas," Jain told Reuters, adding his company is looking for storage in other Middle Eastern countries as well.
ISPRL, which manages federal oil inventories, operates three SPRs in southern India - at Vizag in Andhra Pradesh, and Mangalore and Padur in Karnataka - with a combined capacity of about 5.33 million tons.
India is keen to expand its oil storage capacity to be able to join the International Energy Agency (IEA), which requires its members to hold a minimum of 90 days of oil consumption.
India has storage capacity to hold 74 days of crude oil and refined fuels.
ISPRL's current oil reserves are enough to cover demand for 9.5 days while Indian companies have crude and refined fuel storage facilities for 64.5 days.
Jain said ISPRL will build 4 million tons of strategic storage at Chandikhol in eastern Odisha state and a new 2.5-million ton facility at Padur in Southern India.
He said the new underground SPRs at Chandikhol and Padur will be built in partnership with private companies with the federal government having the first right to the oil in the event of a shortage.
ISPRL is also considering building a 5-million ton underground crude store, and gas reserves at Bikaner in desert state of Rajasthan, he said.
(Reporting by Nidhi Verma Editing by Alexandra Hudson)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
8 hours ago
- Al Etihad
Tensions over tariffs threatening to disrupt Indo-US relations
17 Aug 2025 22:44 By Abdul Hadi*Following the collapse of the Soviet Union, US-India relations were stable and expanding until President Donald Trump imposed tariffs of up to 50% on Indian imports, which strained move came after months of failed negotiations over tariffs and was exacerbated by New Delhi's continued reliance on Russian oil in defiance of Western sanctions on Moscow over the war in decision reflected Washington's effort to pressure countries trading with Russia, and it was consistent with the 'America First' policy, which seeks to reshape global trade in ways that favour American products and strengthen domestic relations improved in the 21st century after decades of Cold War tensions. The civil nuclear energy cooperation in 2005 marked a major milestone, under which the US Nuclear Suppliers Group granted India a concession to start civilian nuclear the years that followed, the US-India security partnership deepened, driven by growing shared concerns over China's expanding presence in South Asia and the Indian the defence sphere, the United States is a major arms supplier to India. In 2016, Washington designated India as a 'major defence partner'. Between 2016 and 2019, the two countries signed several defence cooperation 2020, the United States and Australia expanded their geographical definitions of the Indian and Pacific Oceans to match those of India and Japan. This development followed trilateral dialogues among India, Japan, and the United States, as well as quadrilateral discussions involving India, Japan, the US, and establishment of a '2+2' dialogue between the foreign and defence ministers of India and the US, along with joint military exercises and manoeuvres, further deepened the strategic partnership within the Quad have come under strain after Washington imposed a 25% tariff on Indian goods, which was on expected lines, but the possibility of an additional 25% increase as sanctions for buying Russian oil by the end of August is very would rank among the highest tariff rates imposed on any US trading partner. Meanwhile, bilateral trade exceeded $128 billion in 2024, with India enjoying a surplus of about $46 billion, a trade imbalance that the US president is seeking to has responded calmly to US policies and statements while defence relations between New Delhi and Washington remain on a cooperative path. The 21st session of the annual joint 'Yudh Abhyas' ('War practice' in Hindi) military exercises is expected to take place from September 1-14 in reflects a bilateral vision based on each side securing certain gains while navigating trade issues. While the Indian government has said it will look after its own interests in buying cheaper oil from Russia, 'America First' policy also continues to be the Trump administration's tariff agreement seems to be faltering due to the nature of India's economic activities, particularly in the agricultural sector, which employs nearly 40% of the country's initial 25% tariffs will affect more than one-third of Indian exports to the US, including pharmaceuticals, automotive products and electronics. The measures would harm the competitiveness of India's major exports, especially agriculture, textiles, gemstones and is one of the world's largest emerging economies and relies heavily on oil imports to meet more than 85% of its energy needs. Washington remains a key partner for India in technology, defence, and Delhi's ties with Moscow are not an endorsement of the war but rather driven by its need for Russian crude, which has also contributed to stabilising global energy is pursuing a diplomatic course in its efforts to strike a delicate balance between its national interests and international pressures, and negotiations are still on. Trump, for instance, has said Apple's iPhones, which are being made in India, will be tariff agreement will depend on the ability of US and Indian negotiators to reach compromises that preserve their partnership. However, US policies could create more rifts in their bilateral relations, particularly if the two sides fail to agree on an alternative to the 50% rate. New Delhi may be forced to look for other allies and options. *The writer is a columnist of TRENDS Research & Advisory
Gulf Today
9 hours ago
- Gulf Today
US-India trade talks scheduled for August 25-29 called off
A planned visit by US trade negotiators to New Delhi from August 25-29 has been called off, a source said, delaying talks on a proposed trade agreement and dashing hopes of relief from additional US tariffs on Indian goods from August 27. The current round of negotiations for the proposed bilateral trade agreement is now likely to be deferred to another date that has yet to be decided, the source with direct knowledge of the matter said. The US embassy in New Delhi said it has no additional information on the trade and tariff talks, which are being handled by the United States Trade Representative (USTR). India's trade ministry did not immediately reply to a Reuters email seeking comments. Earlier this month, US President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations. The new import tax, which will come into effect from August 27, will raise duties on some Indian exports to as high as 50% - among the highest levied on any US trading partner. Trade talks between New Delhi and Washington collapsed after five rounds of negotiations over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. India's Foreign Ministry has said the country is being unfairly singled out for buying Russian oil while the United States and European Union continue to purchase goods from Russia. Few days earlier, US President Donald Trump ordered steeper tariffs on Indian goods over New Delhi's continued purchase of Russian oil, opening a new front in his trade wars just hours before another wave of duties takes effect. An additional 25 per cent tariff on Indian goods, set to come into place in three weeks, stacks atop a separate 25 per cent duty entering into force Thursday, taking the level to 50 per cent for many products. Trump's order also threatens penalties on other countries who 'directly or indirectly' import Russian oil, a key revenue source for Moscow's war in Ukraine. Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminium, and categories that could be hit later, like pharmaceuticals and semiconductors. Smartphones are among this list of exempted products for now, notably shielding Apple from a major hit as the US tech titan shifts production from China to India. India's foreign ministry condemned Trump's tariff announcement Wednesday, calling the move 'unfair, unjustified and unreasonable.' The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war − noting that Washington had 'actively encouraged' such imports to strengthen 'global energy market stability.' Agencies
Al Etihad
21 hours ago
- Al Etihad
Indian legal firm opens offices in Abu Dhabi, Dubai
17 Aug 2025 10:19 A. SREENIVASA REDDY (ABU DHABI)DSK Legal, an Indian full-service legal consultancy, has secured regulatory approvals to open offices in Abu Dhabi and Dubai, a statement from the Mumbai-based firm said. 'With these new offices, DSK Legal aims to support Indian clients with operations in the MENA region, as well as international clients looking to enter or enhance their presence in the Indian market,' the statement Desai, Managing Partner at DSK Legal, said the decision was prompted by rising demand from Indian corporates for legal support in the UAE.'There has been a clear and growing interest from our clients and other Indian businesses to establish or expand their footprint in the UAE across several sectors. With the establishment of our offices at Abu Dhabi Global Market (ADGM) in Abu Dhabi and Dubai, we are well-positioned to support Indian companies with operations in the UAE, as well as foreign clients with interests in India,' Desai told Indian Kumar, who has more than 25 years of legal experience across India, the Middle East and Africa, will serve as resident partner in the UAE. His legal expertise spans corporate governance, compliance, litigation and mergers and Ali Mohammad Magrey, former Chief Justice of the Jammu & Kashmir and Ladakh High Court, will act as senior advisor to the UAE move comes at a time when India and the UAE are deepening bilateral ties across trade, investment, and strategic cooperation.'DSK Legal's on-ground presence in the region will enhance its ability to advise clients on cross-border matters, including the legal aspects of market entry strategies, leveraging the firm's strong track record,' the statement in April 2001, DSK Legal began with just seven lawyers and has grown into a multi-disciplinary team of more than 300 professionals, including over 60 partners and associate partners, supported by experienced firm operates from offices in Mumbai, Delhi, Bengaluru and Pune, and has built a strong reputation for its pragmatic, innovative and value-based legal advice. Its practice spans corporate and commercial law, dispute resolution, real estate and tax, with additional strengths in projects, technology, energy, financial services, sports, media, and international arbitration. Reflecting on its journey, DSK Legal notes: 'We have attracted some of the best talent from leading law schools in India and abroad. We have strong relations with several international and domestic law firms in jurisdictions across the world, which help us provide clients with assistance on cross-border matters.' Source: Aletihad - Abu Dhabi
