India to allow foreign firms to store oil in Padur reserve

The Cabinet on Thursday approved a plan to allow foreign oil companies to store oil in the Padur strategic petroleum reserve in Karnataka. India has built emergency storage in underground caverns at Visakhapatnam, Mangaluru and Padur to hold 36.87 million barrels of crude. The Padur strategic reserve has four compartments to hold about 18.5 million barrels of oil.