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Business EconomyPosted at: Mar 31 2015 10:31PM


CCEA approves allocation of Rs 4,948 cr for storage of crude oil

New Delhi, Mar 31 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today approved the allocation of Rs 4,948 crore under Gross Budgetary Support (GBS) for storage of crude oil by Indian Strategic Petroleum Reserves Limited (ISPRL). The entire cost for filling crude oil in Visakhapatnam cavern will be met by the Centre. The remaining amount would be used for filling up the strategic part of the caverns which are being constructed at Mangalore and Padur, an official statement said. The Ministry of Petroleum and Natural Gas will continue to explore alternative models for financing the remaining cost of crude oil to fill the Mangalore and Padur caverns. This will include commercial utilisation by other interested parties. The annual Operations and Maintenance (O&M) costs are estimated to be Rs 47 crore for the Vishakhapatnam storage and Rs 179 crore for all three caverns. This excludes the cost of security, which will be provided by the government, in view of their essential strategic nature for meeting the energy security needs of the country. This decision will facilitate in dealing with the situation of any disruption in the supply chain of crude oil and abnormal spike in world oil prices. UNI ASH SY AN2136
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