Recent global conflicts have underscored the importance of domestic Strategic Petroleum Reserves (SPR). With reference to India’s SPR programme, consider the following statements:
- Under Phase-I of the SPR programme, underground rock caverns for storing crude oil have been established exclusively on the western coast of India to minimize transit time from the Middle East.
- The Indian Strategic Petroleum Reserves Limited (ISPRL) is a Special Purpose Vehicle created by the Government of India specifically to build and operate these strategic crude oil storage facilities.
Which of the above statement(s) is/are correct?
Correct answer: B
Explanation
Phase-I caverns aren't confined to the west coast: Visakhapatnam sits on the east coast, while Mangalore and Padur are on the west, so statement 1 is wrong. Statement 2 is right, as the Indian Strategic Petroleum Reserves Limited is a Special Purpose Vehicle set up to build and run these crude storage facilities.