Middle East Economic Survey

VOL. XLIX

No 3

16-January-2006

REGIONAL

India Approves Plan To Build Strategic Oil Reserve

India has approved long-delayed plans to construct a strategic oil reserve by 2015 that will hold 5mn tons (37mn barrels) of oil representing around 15 days of forward cover at present consumption rates. Storage facilities will be constructed in three locations at a cost of some $2.5bn and will be completed by 2015. The project will enhance the energy security of the country,...