India plans to establish a strategic oil reserve with a capacity of 1.75 million tons

India's Oil and Natural Gas Corporation (ONGC) plans to establish a new strategic oil reserve with a capacity of 1.75 million tons in Mangalore to enhance energy security amid ongoing geopolitical tensions impacting global oil supplies. The government intends to approve the commercial utilization of the facility. India is currently facing challenges related to oil supplies due to the closure of the Strait of Hormuz and attacks on Iran. Additionally, India is seeking to expand its foreign oil storage infrastructure through partnerships with the United Arab Emirates and Japan.

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