Key facts
- India plans to build a new strategic petroleum reserve facility.
- The new facility will be located in Mangaluru.
- Oil and Natural Gas Corporation (ONGC) is tasked with the project in India.
- The facility aims to bolster India's energy security and crude storage capacity.
- Russia is in talks to import gasoline.
- Ukrainian drone strikes are disrupting Russia's domestic fuel market.
- Russia acknowledges fuel shortages.
- Russia's fuel reserves are down 4% year-on-year.
- Rationing has been implemented in some Russian regions.
India is set to construct a new strategic petroleum reserve facility in Mangaluru, a move spearheaded by the Oil and Natural Gas Corporation (ONGC). This initiative is designed to significantly bolster the nation's energy security and increase its crude oil storage capacity, addressing concerns over potential supply disruptions in the global market. The project underscores India's commitment to maintaining stable energy supplies.