ONGC to Invest $736 Million in Strategic Crude Reserves
India's leading upstream producer plans to construct dedicated crude oil storage facilities valued at $736 million.
India's largest oil exploration company, Oil and Natural Gas Corp., is advancing plans to establish strategic crude reserves. The capital expenditure for the proposed storage initiative is estimated at $736 million.
As the country's leading crude producer, ONGC is targeting the development to enhance domestic reserve infrastructure and strengthen fuel availability across the national network.
The $736 million investment will be directed specifically toward building dedicated facilities capable of holding strategic crude inventories to buffer supply requirements.
Further logistical and structural details surrounding the storage sites and execution phases remain tied to the company's broader operational schedule.
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