India Eyes Two New Sites to Expand Strategic Oil Reserves

State-controlled Indian Strategic Petroleum Reserves Ltd (ISPRL) is finalizing feasibility studies for two new strategic petroleum reserves facilities as the world’s third-largest crude oil importer looks to boost its energy security.

ISPRL, a government-owned special purpose vehicle, is finalizing a feasibility study for a facility at Bikaner in the state of Rajasthan in northwestern India and has completed a pre-feasibility study for a cavern in Bina in the central state of Madhya Pradesh, Indian media reported on Thursday.