CCEA gives approval to Rs. 3,874 crore spending on stocking low priced oil

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Oct 14, 2020

10:00PM

CCEA gives approval to Rs. 3,874 crore spending on stocking low priced oil

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The Cabinet Committee on Economic Affairs has given ex facto approval to Rs. 3,874 crore spending on stocking low priced oil in India's three strategic underground crude oil storages.

It also allowed Abu Dhabi National Oil Co, which has hired a part of the strategic storage, to trade the stocked oil.

India saved over Rs. 5,000 crore when the country in April-May used low international oil prices to fill up its three strategic underground crude oil storages.

The Ministry of Petroleum and Natural Gas spent Rs. 3,874 crore on buying.