India’s largest strategic oil reserve to come up at Chandikhole
Bhubaneswar: India’s largest strategic petroleum reserve, at a cost of Rs 10,000 crore, will come up at Chandikhole in Jajpur district. The Indian Oil Strategic Petroleum Reserve Limited (ISPRL) will establish the “World Class Reserve” for petroleum products at Chandikhole.
Sources said the reserve will be an underground facility spread over 400 acres of land which will be provided by Odisha Government for its establishment. When the price of fuel in international market is low, at that point of time the petroleum products will be kept reserved for use during emergency in the future and also during war-like situation. This will increase the energy security in India.
This was disclosed by Union Petroleum Secretary Tarun Kapoor during a discussion with Chief Secretary Suresh Chandra Mohapatra and other Oil PSUs and stakeholders. Kapoor, on a visit to Odisha, announced a host of projects to be taken up in the State, including the expansion of Indian Oil Corporation Limited’s (IOCL) capacity from the present 15 MTPA to 25 MTPA per annum.
Kapoor said, “Out of the nine refineries of IOCL in the country, Paradip Refinery is the most modern and advanced with a complexity index of 12.5, the highest in India.” He said the Indian Oil’s Paradip Refinery, with a capacity of 15 MMTPA, was commissioned in 2016 at a cost of Rs 34,555 crore. With Indian Oil’s refinery at place, Paradip is now envisioned as the energy gateway to Eastern India. The major petroleum product supply points which cater to the energy needs of Odisha’s economy are Paradip, Jharsuguda, Somnathpur and Bhubaneswar. He said Indian Oil has constructed a dedicated bunkering pipeline from its terminal to the Paradip port premises to seamlessly facilitate the fuelling needs of growing marine traffic.
Kapoor said due to the strategic position of Paradip, the IOCL has decided to expand its capacity. The refinery will not only cater to the domestic demand but has the potential to act as an export hub for South-East Asia too. He said the IOCL has proposed to establish 200 bio-gas plants in the State. The Petroleum Ministry has plans to invest Rs 92,566 crore in 10 big projects in the State.