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India plans to build its largest strategic petroleum reserve at Chandikhol in Odisha, with a capacity of 4 million tonnes of crude oil, at a cost of INR 8,571 crore, The Times of India reported. Earlier reports in May put the cost at INR 8,743 crore.
India’s existing underground reserves total 5.33 million tonnes at Visakhapatnam, Mangaluru and Padur, equal to about 39 million barrels, which covers only around eight days of national consumption.
Expanding the reserves was already a priority, but the closure of the Strait of Hormuz early this year led the government to speed up plans.
The government is seeking private investors to build and operate the facility, according to tender documents cited by local media.
It is offering a grant of about INR 5,140 crore (USD 546 million) to support private participation, and bids are due on February 26, 2027. The site is planned to connect to the Paradip offshore oil terminal.
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