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India Plans 3 New Strategic Oil Reserves
Hindustan Times Ranchi
|July 03, 2025
India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said in a statement on Wednesday.
NEW DELHI:
India, which is the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil procurement.
State-run engineering consultancy Engineers India Ltd is doing feasibility studies to build the new reserves, Indian Strategic Petroleum Reserve Ltd's chief executive officer LR Jain told Reuters.
"In case of exigencies, we will be better prepared," he said.
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