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We've found somewhere else to store all that oil!

India! India is offering tax breaks to companies storing crude there, and also building new storage facilities

  • India lacks a strategic petroleum reserve
  • Foreign oil companies get tax breaks when they store crude in the country

The country is building underground caverns that can be used to store petroleum

  • a state-owned Indian company is working to build three caverns with 5.3 million metric tons of capacity, or about 12 days worth of supply
  • The first cavern has been completed and filled with oil
  • Two others are scheduled to come online in spring
  • Plans call for another 12.5 million metric tons of storage capacity in a second round of expansion to add an extra 28 days of supply to national reserves

Via CNN

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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