India seeks $2.2 billion to build second phase of strategic oil reserves

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MUMBAI (Reuters) – India’s petroleum ministry has sought 150 billion rupees ($ 2.2 billion) from the finance ministry to build the second phase of the country’s strategic petroleum reserves, Oil Minister Dharmendra Pradhan said on Thursday.

Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.

($ 1 = 67.8300 Indian rupees)

(Reporting by Promit Mukherjee; Editing by Biju Dwarakanath)