Petroleum Minister to launch Road Show for Phase II SPR program on Oct 17

The roadshow will outline the Phase I and Phase II SPR programs along with technical details, plausible financial models and the implementation modalities.


Devdiscourse News Desk | Updated: 16-10-2018 11:30 IST | Created: 16-10-2018 11:25 IST
Petroleum Minister to launch Road Show for Phase II SPR program on Oct 17
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. (Image Credit: Pixabay)
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Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship Shri Dharmendra Pradhan will launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct’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 program which involves the 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.

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.

The roadshow will outline the Phase I and Phase II SPR programs along with technical details, plausible financial models and the implementation modalities.

(With inputs from PIB)

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