DMEA: Aramco, ADNOC seek Indian oil storage deal

Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC) are set to meet with Indian officials in April to discuss the development of a new strategic petroleum reserve (SPR) on the country’s west coast, along with various other foreign and domestic players.

Development of the SPR project is currently under Phase-II, involving the construction of a commercial/strategic petroleum reserve in unlined rock caverns underground, along with associated facilities above ground. An additional dedicated SPM and pipelines (offshore and onshore) are also expected to be constructed. The project – named Padur II – will allow for total storage of 6.5mn tonnes of crude oil and will cost a total of Rs 5,514 crore.