First Ship load of Crude Oil reaches India

On April 13, 2020, the first crude oil of 1 million barrels from UAE have reached India. The oil prices have declined by 60% since January, 2020. The prices are expected to rise with OPEC and Russia have come to terms to cut their production by 10%. Hence, this is the right time to fill ..

Month: Current Affairs - April, 2020

Category: International Current Affairs

Topics: Crude oil Imports • India-UAE • India-US • Oil Imports • Oil reserves • Padur • Padur Strategic Petroleum Reserves • Strategic Oil Reserves storgaes • Vishakhapatnam

ISPRL signs MoU with ADNOC to explore storage of crude oil at Padur underground facility in Karnataka

Indian Strategic Petroleum Reserves Ltd. (ISPRL) has signed Memorandum of Understanding (MoU) with Abu Dhabi National Oil Company (ADNOC) to explore storage of crude oil at Padur underground facility in Karnataka. This follows arrival of final shipment of initial delivery of ADNOC crude to be stored in another ISPRL underground facility in Mangaluru, which will ..

Month: Current Affairs - November, 2018

Topics: ADNOC • India-UAE • ISPRL • National • Odisha • Padur Strategic Petroleum Reserves • Strategic Petroleum Reserve

Cabinet approves filling of Padur Strategic Petroleum Reserves in Karnataka

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the filling of Padur Strategic Petroleum Reserves (SPR) in Karnataka by overseas National Oil Companies (NOCs). The filling of the SPR will be under PPP model and is being undertaken to reduce budgetary support of Union Government. The SPR facility at Padur is underground ..

Month: Current Affairs - November, 2018

Topics: Cabinet Decisions • Indian Strategic Petroleum Reserves Ltd • Karnataka • National • Odisha • Padur Strategic Petroleum Reserves • Petroleum Sector • PPP