Archive · 18 Sep 2025
India's Strategic Oil Reserve Project Attracts Major Energy Players
Imagine India has a giant underground vault to store oil, like a big piggy bank for emergencies!
Right now, lots of companies want to help build this vault in Odisha.
This new vault will be able to hold millions of tons of oil!
It's like having a backup supply to keep things running smoothly, especially if something happens in the world that affects how much oil we can get.
India imports most of its oil and wants to be prepared for any problems.
This project will help protect India from price swings and global events that affect oil supplies.
IndianOil and Trafigura are among those showing interest in building a strategic crude oil reserve.
The reserve is planned for Chandikhol, Odisha, with a capacity of 4 million tonnes.
The project is estimated to cost $1 billion to develop and $2 billion to fill.
The Chandikhol project is part of the second phase of India's Strategic Petroleum Reserves Ltd (ISPRL).
India currently has strategic reserves of 5.33 mmt and aims to expand these.
- Who
- Multiple energy and engineering companies including Indian Oil Corp. and Trafigura.
- What
- Developing a strategic crude reserve.
- When
- The request for proposal (RFP) is expected after land is allotted.
- Where
- Chandikhol, Odisha.
- Why
- To strengthen India's energy security, given its high import reliance.
- Project Location
- Chandikhol, Odisha
- Storage Capacity (Chandikhol)
- 4 million tonnes
- Estimated Cost (Development)
- $1 billion
- Estimated Cost (Filling)
- $2 billion
- Current SPR Capacity
- 5.33 mmt
- Current SPR locations
- Visakhapatnam, Mangaluru, Padur
- Companies Showing Interest
- Indian Oil Corp., Trafigura, Vitol, L&T, and more