Key Points
India is drawing up a plan to build a strategic natural gas reserve with a capacity to store up to 4 billion cubic metres (BCM) of imported gas, which can be used in case of supply emergencies and to smoothen the domestic market, according to people familiar with the matter...
After oil minister Hardeep Singh Puri recently gave a green signal to the idea of setting up the gas reserve, the oil ministry directed Oil and Natural Gas Corp (ONGC), Oil India and GAIL to jointly prepare a detailed feasibility report on the same, people said..
The companies are expected to submit the report in three months...
The geopolitics-driven frenzy in the global gas market last year, which disrupted India's gas imports and forced some factories to cut production, has brought a strategic policy rethink, people said.. ..
Large gas storage can also help India become the regional hub and supply to neighbouring countries like Sri Lanka, Bangladesh and Myanmar in the future, the person said...
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