Move to ensure 12 more days of supply The Cabinet on Wednesday approved the establishment of strategic petroleum reserve (SPR) facilities at two locations —Chandikhol in Odisha, and Padur in Karnataka — with a total capacity of 6.5 Million Metric Tonnes (MMT), which works out to another 12 days of reserves. “The in principle approval is to take up the project under PPP model to reduce budgetary support,” the government said in a release. Road shows “The terms and conditions of such participation would be determined by the Ministry of Petroleum and Natural Gas in consultation with the Ministry of Finance after conducting road shows to elicit requirements of market, including prospective investors.” Indian Strategic Petroleum Reserve, a government-owned special purpose vehicle, has already built underground rock caverns for storing a total 5.33 MMT of crude oil at Vishakhapatnam (1.33 MMT), Mangaluru (1.5 MMT) and Padur (2.5 MMT). “The total 5.33 MMT capacity under Phase-I of the SPR programme is estimated to supply approximately 10 days of India’s crude requirement, according to the consumption data for FY2016-17,” the Centre said. The “additional 6.5 MMT SPR facilities will provide an additional supply of 12 days and is expected to augment India’s energy security.”