PetroChina and Other Global Oil Firms Show Interest in Building Reserves in India

PetroChina, as well as global commodity traders Vitol, Glencore, and Trafigura, are among the nearly two dozen companies that have expressed interest in developing India's new strategic petroleum reserves (SPR), according to junior oil minister Rameswar Teli, who testified in the Lok Sabha on Thursday.

In a public-private partnership, India intends to construct two commercial-to-strategic oil storage facilities with a combined capacity of 6.5 million tonnes. The country already has three facilities with a total storage capacity of 5.33 million tonnes. The government has been holding roadshows in order to attract private investors for its proposed facilities.