India's Strategic Petroleum Reserve Expansion and Commercialization Strategy
| Aspect | Details |
|---|---|
| Initiative | India's first privately managed Strategic Petroleum Reserve (SPR) |
| Completion Timeline | By 2029-30 |
| Model Alignment | Similar to models in Japan and South Korea |
| Current SPR Strategy | Partial commercialization |
| New SPR Projects | - 18.3 million barrels facility in Padur, Karnataka- 29.3 million barrels SPR in Odisha |
| Private Partner Role | Freedom to trade all stored oil locally; government retains first right |
| Tendering Authority | Indian Strategic Petroleum Reserves Ltd (ISPRL) |
| Tender Objective | Award design, construction, financing, operation, and transfer by September |
| Project Timeline | 60 months from project initiation |
| Motivation | Mitigate risks of global supply disruptions and price fluctuations |
| IEA Ambition | Aspires to join IEA; requires 90 days of oil consumption reserve |
| Cost Estimates | Padur SPR project: ~55 billion rupees ($659 million) |
| Government Funding | Up to 60% of total cost |
| Tender Evaluation | Prioritizes lowest federal financing or highest premium for 60-year lease |