Riyadh – Mubasher: India is set to lease 25% of its Padur petroleum reserve to Saudi Aramco to enable the company to store about 4.6 million barrels of oil, Reuters reported on Wednesday.
The Saudi oil giant will keep some of the 4.6 million barrels for India’s strategic needs, but could sell the rest to Indian refiners, CEO of Indian Strategic Petroleum Reserves HPS Ahuja said.
The Indian company signed a memorandum of understanding with Aramco for participation in the 2.5-million-tonne facility in Karnataka state.
