An Indian company seeks to replace stocks of “ADNOC” oil with Saudi crude

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Indian company seeks to replace stockpiled oil

Reuters

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India’s MRPL is seeking to fill part of the storage space of Mangalore’s strategic oil reserves with Saudi crude instead of Upper Zakum crude from Abu Dhabi, a senior official said on Thursday.

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HPS Ahuja, CEO of the Strategic Petroleum Reserves Corporation, which manages the country’s federal oil reserves, confirmed earlier reports to Reuters that India had amended its policy on strategic reserves to enable it to lease part of its facility to Indian and foreign companies.

India, the world’s third largest oil importer and consumer, has built strategic warehouses in three locations in the south of the country to store up to five million tons of oil, equivalent to nearly 37 million barrels, to protect against supply disruptions.

The Abu Dhabi National Oil Company, “ADNOC”, leases one of two warehouses of equal size within the Mangalore Strategic Petroleum Reserve.

“ADNOC will continue to store its oil in its warehouse, but we will need to evacuate the other warehouse as MRBL wants to store Saudi oil,” Ahuja said, adding that MRBL is slowly withdrawing Upper Zakum crude. .

Source: Reuters





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