PetroChina, other global oil companies keen to build reserves in India

PetroChina and global commodity traders Vitol, Glencore and Trafigura are among the nearly two dozen companies that have expressed interest in building India's new strategic petroleum reserves (SPR), junior oil minister Rameswar Teli told the Lok Sabha on Thursday.

India plans to build two commercial-cum-strategic oil storage facilities with a combined capacity of 6.5 million tonnes in a public-private partnership mode. The country already has three facilities with a combined storage of 5.33 million tonnes capacity. The government has been holding roadshows to rope in private players for its proposed facilities.