11-July-2026
Economy News
 
India steps up oil reserve push; ONGC clears $1.6-billion Mangaluru plan
11-Jul-2026

India has revved up plans to bolster its emergency crude buffer after recent geopolitical shocks exposed risks to oil supply routes. State-owned Oil And Natural Gas Corporation (ONGC) has approved a 1.75-million-tonne strategic petroleum reserve at Mangaluru, adding nearly 13 million barrels of storage. ONGC said in a stock exchange filing that the project will be developed as a Phase-I extension of the Mangaluru strategic petroleum reserve, along with associated facilities.

News Source:- https://www.financialexpress.com/policy/economy/india-steps-up-oil-reserve-push-ongc-clears-1-6-billion-mangaluru-plan/4288590/?ref=hometop_hp