Govt seeks $2.2 billion to build second phase of strategic oil reserves

Mumbai: India`s petroleum ministry has sought 150 billion rupees ($2.2 billion) from the finance ministry to build the second phase of the country`s strategic petroleum reserves, Oil Minister Dharmendra Pradhan said on Thursday.

Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.