Question

Q. With reference to Indian Strategic Petroleum Reserves, consider the following statements.

Which of the above-given statements is/are correct?

• A.
  1 only
• B.
  2 only
• C.
  Both 1 and 2
• D.
  Neither 1 nor 2

Answer 1

The correct option is C

Both 1 and 2
Explanation:

Statement 1 is correct: To ensure energy security, the Government of India decided to set up 5 million metric tons (MMT) of strategic crude oil storages.

Statement 2 is correct: These Strategic crude oil storages have been established at three locations namely, Visakhapatnam, Mangalore and Padur (near Udupi). India is planning to expand 4 more strategic crude oil facilities in the second phase at Bikaner in Rajasthan, Rajkot in Gujarat, Padur in Udupi district of Karnataka and Chandikhole in Jajpur district of Odisha.

These strategic storages would be in addition to the existing storages of crude oil and petroleum products with the oil companies and would serve as a cushion during any supply disruptions.
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 Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas.