India set to create strategic gas reserves for energy security
The Times of India reported that India’s Ministry of Petroleum and Natural Gas has decided to create strategic natural gas reserves in the country, with an aim to ensure energy security and stabilise the domestic market, TASS reports
According to the newspaper, strategic natural gas storage facilities are being built similar to those in China and European countries. They will hold from 3 to 4 billion cubic metres of imported gas in case of crisis situations with the supply of this raw material and to stabilise the domestic market.
The construction of gas storage facilities will be carried out by Oil and Natural Gas Corp (ONGC), Oil India and GAIL, costing $1-2bn n. Depleted oil and gas wells in the west and northeast of India can be used as storage facilities.
