Saudi Aramco is to lease one-quarter of India’s strategic petroleum reserve in Padur to store about 4.6 million barrels of oil, a government official has said.

Indian Strategic Petroleum Reserves, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.

“Aramco has signed an MoU for only one compartment,” said HPS Ahuja, Chief Executive of the Indian company. The Padur storage facility has four equal-sized compartments.

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31st October 2019