Bigger India
India to get right over 65% oil Abu Dhabi will store in Mangalore
India, which imports over 80 per cent of its oil needs, is among the select league of nations that have built strategic storages to meet emergency needs.
India will have the right over 65 per cent of 6 million barrels of crude oil that Abu Dhabi National Oil Company (ADNOC) will store at the countrys maiden strategic storage at Mangalore. ADNOC will send three large ships carrying crude oil beginning April to fill half of the 1.5 million tonnes strategic oil reserves that India has built at Mangalore, a senior government official said. Out of the crude stored, 35 per cent can be used by ADNOC for commercial purposes, ie trading or selling to refiners whenever it wants.