Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

India to store its crude oil US strategic petroleum reserves

India to store its crude oil US strategic petroleum reserves

India is setting a new plan to store all its crude oil, and it is all set to stock up its crude oil in US strategic petroleum reserves for not just emergency usage but also trading in order to capture the price advantage. India and the US have officially signed a preliminary agreement, which states that both the nations agree to cooperate on emergency crude oil reserves. India can store its crude oil in the US emergency stockpile.

"It is a good concept, but it comes with a lot of riders. For one, India will have to pay a rental for hiring the storage in the US. This rental will be on top of the international oil price. The alternative is to build our strategic reserves, which will involve huge capital costs and take a few years to construct. So the rental is a small fee to pay to get immediate access to a strategic reserve," a senior government official said.

This agreement comes up with many advantages, as India can stock up all its crude oil in the US until it finds an alternate and the oil stored in the US reserves can be used for trading purposes to get their price advantage. It can also be used for the nation's own purpose. It will also reduce the export-import costs and be easy to ship the oil from the US to other countries.


Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...