Updated By: LatestGKGS Desk
Iran gives 2M barrel crude oil to India for strategical reserve
India obtained 2 million barrels from Iran at the Strategical Petroleum Reserve (SPR)
India received 2 million barrels of crude oil from Iran in the southern part to serve as a Strategic Petroleum Reserves at the time of emergency.
India imports 80% of the crude oil from the international market and the unstable prices affect the economy immensely.
Therefore, there is a need to have a storage where the oil can be stored and can be utilised by the economy at the time of high prices.
India planning to import 6 million barrels from Iran in coming months
India is forecasting to store half of storage i.e. 6 million barrels of Crude Oil from Iran and rest from United Arab Emirates and South Africa, the first barrel of 2 million barrels have been received, now the second will be obtained by Bharat Petroleum corporation.
The three Strategic Petroleum Reserves are located in Vishakhapatnam, Mangalore and Padur where 5.33 millions of crude oil will be stored to meet the demand of two weeks.
