India’s Mangalore Refinery and Petrochemicals Ltd. (MRPL) plans to fill a part of the Mangalore strategic petroleum reserve (SPR) with Saudi Arabian oil in place of Abu Dhabi’s Upper Zakum grade as the company seeks to lease some space in the facility.
On Thursday, H.P.S. Ahuja, CEO of Indian Strategic Petroleum Reserves Ltd. (ISPRL), said that the country has overhauled its SPR policy to lease a part of the facility to Indian and foreign companies.
MRPL will lease 300,000 tonnes of space in the SPR. The company is slowly withdrawing Upper Zakum oil.
Meanwhile, Abu Dhabi National Oil Co. (ADNOC) leased one of the two equal-sized chambers at the 1.5 million tonne Mangalore SPR.
“ADNOC will continue to hold its oil in its chamber, but we have to vacate the other chamber as MRPL wants to store Saudi oil,” Ahuja said.
