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India Gets First Iranian Oil Parcel For Emergency Reserves

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India Gets First Iranian Oil Parcel For Emergency Reserves

India imports about 80% of its oil needs.

Highlights

  1. India will fill half of storage with 6 million barrels of Iranian oil
  2. Country imports about 80% of its oil needs
  3. It is building emergency storage to cover almost two weeks of demand
New Delhi: India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd, which imported the very large crude carrier (VLCC), said on its website.

MRPL shipped in 2 million barrels of Iranian oil in the very large crude carrier Dino.

The country will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder.

A second parcel to be procured by Bharat Petroleum Corp is scheduled to arrive around October 25, two sources with direct knowledge of the matter said.

The country, which is seeking to hedge against energy security risks as it imports about 80 per cent of its oil needs, is building emergency storage in vast underground caverns at three locations in southern India to hold a total of 36.87 million barrels of crude, enough to cover almost two weeks of demand.
© Thomson Reuters 2016

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