Government has invited global firms to invest in its strategic petroleum reserves (SPRs) as the nation’s energy consumption growth would be fastest among large economies in coming decades, oil minister Dharmendra Pradhan told a conference on Monday.
India’s share in global energy consumption is set to rise from 7 per cent to 12 per cent in 2050, Mr Pradhan told the ADIPEC conference.
The nation, the world’s third-biggest oil consumer and importer, earlier this year filled its three SPRs in southern India with 5.33 million tonnes of oil when prices were low.
To attract private investment in its SPRs, government recently allowed Abu Dhabi National Oil Co (ADNOC) to re-export some of its oil stored in Mangalore SPR, mirroring a model adopted by South Korea and Japan.
The country is building two more commercial-cum-strategic petroleum storages with capacity of 6.5 million tonnes.
“I invite global energy players to come and invest in this project,” he said, adding India’s fuel demand has almost recovered to the pre-Covid levels.