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Question

Q. Consider the following statements in relation to Strategic Petroleum Reserves (SPR).

Select the correct answer using the code given below:

A
1 only
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B
2 only
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C
Both 1 and 2
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D
Neither 1 nor 2
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Solution

The correct option is A 1 only
Explanation:
  • Statement 1 is correct: Strategic petroleum reserves are stockpiles of crude oil to meet the emergencies of supply shocks of crude oil. Strategic Petroleum Reserves (SPR) facilities with a total capacity of 5.33 Million Metric Tonnes (MMT) have been established at 3 locations, namely (i) Visakhapatnam, (ii) Mangalore, and (iii) Padur.
  • Statement 2 is incorrect: The construction of the Strategic Crude Oil Storage facilities is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL), a Special Purpose Vehicle, which is a wholly-owned subsidiary of the Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas. Petroleum and Natural Gas Regulatory Board is mandated to regulate the refining, processing, storage, transportation, distribution, marketing, and sale of petroleum, petroleum products, and natural gas excluding production of crude oil and natural gas but not related to the construction of the SPR facilities.

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