Why in news?
• To make the best use of the low international crude prices, public sector oil companies, including Mangalore Refinery and Petrochemicals Ltd. (MRPL) and Indian Strategic Petroleum Reserve (ISPRL), have been filling ISPRL’s caverns at Mangaluru and Udupi with crude oil.
About:
• To ensure energy security, the Government of India decided to set up 5 million metric tons (MMT) of strategic crude oil storages at three locations namely, Visakhapatnam, Mangalore, and Padur (near Udupi).
• The construction of the Strategic Crude Oil Storage facilities is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL)
• ISPRL is a Special Purpose Vehicle, which is a wholly-owned subsidiary of the Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas.
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