Speed Post News Network
New Delhi : Minister for Petroleum & Natural Gas and Skill Development and Entrepreneurship Dharmendra Pradhan will launch the Roadshow for Phase II of Indian Strategic Petroleum Reserves (SPR) on October 17, 2018, in New Delhi.
In line with the integrated energy policy of Government of India, Union Cabinet accorded “in principle” approval for Phase-II SPR programme which involves creation of additional 6.5 MMT of storage in underground rock caverns and associated facilities at Chandikhol, Odisha (4.0 MMT) and Padur-II, Karnataka (2.5 MMT).
In order to explore feasibility of commercialisation of the Phase I SPR at Padur (2.5 MMT) and the proposed Phase II SPRs at Chandikhol, Odisha (4.0 MMT) and Padur II, Karnataka (2.5 MMT), it is planned to solicit investment partners and pursue the initiatives of Phase II SPRs through PPP mode of implementation for construction, filling, and operation respectively and also filling and operation of the existing Phase I SPR at Padur, according to a PIB release.
To elicit interest and seek feedback from prospective investors, it is planned to conduct roadshows. Based on the evinced interests, a suitable model for on-boarding of investors/PPP partners will be prepared for an international competitive bidding for wider participation.