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Work for the strategic oil reserve to start shortly

The much-awaited Rs 5,000 crore worth strategic oil reserve project in  Jajpur district is on the right track with the district administration initiating the land acquisition process for the project, said  Dharmendra Pradhan the union minister of petroleum and natural gas .

The minister was addressing a meeting on the occasion of the annual function of a private engineering college at Tarapur in the district.

  “Three years back, the union government had decided  to set up  four strategic oil reserves in the country including one in Jajpur district in a bid to store adequate stock for meeting 90-100 days requirement during any crisis. In the last union budget , the finance minister Arun Jaitely allotted fund  for construction of strategic crude oil reserves at two more locations including Chandikhol in Jajpur district. The Chandikol facility will have a storage capacity of 4.4 million tonnes .At present, India has three underground caverns at Visakhapatnam, Mangalore and Padur .  This project in Chandikho will create employment opportunity for many people including locals, added the minister. 

The strategic oil reserves would enable the country to meet the requirement during any crisis as India depends heavily on crude imports, Union Petroleum Ministry has already set up a special purpose vehicle (SPV) named Indian Strategic Petroleum Reserves Ltd for setting up such reserves across the country.  Given the fluctuating oil price in the international market and crisis in oil producing countries, we are prepared to reserve more oil meet any crisis, added Pradhan.

When contacted the district collector of Jajpur, Ranjan Kumar Das said “A four member team headed by  Kapil Dev  Tripathy the secretary in the ministry of petroleum and natural gas last year visited the Dankari village near Chandikhola  . The state government also decided to provide around 600 revenue land at the foot of the Dankari hillock. We provided the officials of petroleum and natural gas the map and other land records of the area during their visit to Dankari .  This area is far away from the human habitation for which they nodded their approval for the setting up for the strategic oil reserve. We will soon acquire the land for the project, said Collector of Jajpur,  Ranjan Kumar Das.

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