"For strengthening our energy sector, Government has decided to set up Strategic Crude Oil Reserves. Now in the second phase, it is proposed to set up caverns at two more locations, namely, Chandikhole in Odisha and Bikaner in Rajasthan. This will take our strategic reserve capacity to 15.33 million tons," Jaitley said in his Budget speech.Strategic storages provide a country with two-fold advantage. "With this, India will move to the high energy table of the world," Oil Minister Dharmendra Pradhan told PTI here. Of this, 0.5 MT will belong to India and it can use it in emergencies.

Source: Economic Times February 01, 2017 14:32 UTC