India's largest oil explorer OIG will invest 70 billion rupees (about $736m) to
build an underground strategic crude reserve in southern India with capacity of
roughly 13 million barrels, chairman Singh said; land acquisition is complete
and construction is imminent. The new storage will support the government's plan
to expand energy emergency reserves. OIG is also negotiating with international
firms to establish an overseas trading platform for crude, refined products and
gas—likely based in Dubai or Singapore—with a target throughput of about 50 mln
tons a year to strengthen procurement, sales and price-risk management.
