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News:Ministry for Petroleum & Natural Gas has allowed the public sector refiners to use the strategic Petroleum reserves(SPR) for storing their oil purchases.
Facts:
- Strategic Petroleum Reserves(SPR): These are stockpiles of crude oil maintained by countries or private industries which are meant to tackle emergency situations to counter short-term supply disruptions.
- The Strategic Crude Oil Storage facilities in India is managed by Indian Strategic Petroleum Reserves Limited(ISPRL), a Special Purpose Vehicle which is a wholly owned subsidiary of Oil Industry Development Board(OIDB) under the Ministry of Petroleum & Natural Gas.
- ISPRL has established Strategic Petroleum Reserves(SPR) facilities at three locations namely Visakhapatnam, Mangalore and Padur.
- Government has approved the establishment of two additional SPR facilities at Chandikhol in Odisha and Padur in Karnataka.
