The Ministry of External Affairs (MEA) confirmed that Indian Strategic Petroleum Reserve Limited (ISPRL) is engaging with GCC nations for investments in phase two of the strategic reserves project.

Kuwait Petroleum Corporation (KPC) has expressed interest in participating in the second phase of India’s Strategic Petroleum Reserve (SPR) project, which aims to bolster the country’s energy security.

This development follows the MEA’s briefing to the Parliamentary Committee on External Affairs, where the details of Phase II were discussed with KPC in November 2022.

The ministry said in a response tabled in parliament: “Participation of Kuwait Petroleum Company in Phase II of the SPR programme of India is one of the new areas of cooperation being explored”.

The interest from KPC aligns with India’s plans to expand its strategic crude oil storage under phase two.

This expansion includes the construction of caverns with capacities of four million tonnes (mt) in Chandikhol, Odisha, and 2.5mt in Padur, Karnataka.

The project will be executed under a public-private partnership model, as sanctioned by the Union Cabinet in 2021.

December 5, 2024