ADNOC and ISPRL signs MoU to explore storage of crude oil at Padurin Karnataka

Indian Strategic Petroleum Reserves Ltd (ISPRL) has signed an MoU in Abu Dhabi with the Abu Dhabi National Oil Company (ADNOC) to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 million tonne capacity. Under the MoU, ADNOC is expected to store crude in compartments at Padur.

The MoU with ISPRL, an Indian government-owned company mandated to store crude oil for emergency needs, follows the arrival, on November 4, of the final shipment of the initial delivery of ADNOC crude to be stored in another ISPRL underground facility at Mangaluru, also in Karnataka, which will store 5.86 million barrels of ADNOC crude oil.

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