STOCK MARKET BSE NSE

Pradhan praise for crude oil reserve proposal

Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan on Wednesday welcomed the announcement of Union Finance Minister Arun Jaitleyfor construction of strategic crude oil reserves a

Published: 02nd February 2017 01:24 AM  |   Last Updated: 02nd February 2017 06:47 AM   |  A+A-

By Express News Service

BHUBANESWAR: Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan on Wednesday welcomed the announcement of Union Finance Minister Arun Jaitleyfor construction of strategic crude oil reserves at two more locations including Chandikhole in Jajpur district.

The Ministry for Petroleum and Natural Gas (MoPNG) had submitted a proposal to the Ministry of Finance last year seeking financial assistance for construction of the two strategic petroleum reserves in the second phase, Pradhan told this paper. The Phase-II storage will have a total capacity of 10 million tonnes.

The Chandikhole facility will have a storage capacity of 4.4 million tonnes and it has been estimated to cost around `5000 crore. The storage at Chandikhole will be an underground rock cavern, Pradhan said. At present, India has three underground caverns at Visakhapatnam (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes).

The crude oil stock in the three storage facilities will be enough to meet nation's oil requirement of about 10 days, he said. Pradhan also thanked Jaitley for making budgetary provision for 2,000 kms of coastal roads which will facilitate better connectivity with ports and remote villages. The State Government proposal for construction of a 451-km long highway along the coast line has been approved by the National Highway Authority of India (NHAI).

Stay up to date on all the latest Odisha news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp