TNPSC Current Affairs January 27 2017
India’s Quest
for Energy security got major push after signing the deal with UAE which allows
to fill India’s 1/6th emergency oil reserve storage.
About
Strategic Oil Reserve Storage:
The deal is
part of New Delhi’s strategic petroleum reserve system, an emergency
underground storage to hold 36.87 million barrels of crude oil, which will
provide 10 days of its daily oil demand.
The deal to
allow the Gulf OPEC country to fill half of the underground crude oil storage
facility at Mangalore .
UAE’s Abu Dhabi National Oil co will store about
6 million barrels at Mangalore
The world’s
largest strategic Petroleum reserve is held by United States with capacity of
727 million barrels which will provide 2 months of its Oil demand.
Why
Strategic Oil reserve Storage:
The reserve
will help to safeguard the economy and to stabilize the petroleum prise in case
of Emergency.
India also
has the other storage site in Vishakhapatnam with 7.55 million barrels of Iraq
oil and Paduran, Karnataka which has 18.3 million barrels storage capacity.
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