India's strategic oil reserve push slows
New Delhi, March 7 -- India allocated Rs.5,876 crore for this financial year to fill and expand its strategic petroleum reserves (SPR) but is expected to spend only Rs.1,039 crore of it - and has budgeted a mere Rs.200 crore for next year - leaving emergency stockpiles partially empty and expansion plans stalled, budget documents show.
India's strategic petroleum reserves - its primary buffer against supply shocks - are under scrutiny as conflict in West Asia has effectively halted shipping through the Strait of Hormuz, through which the country routes roughly 40% of its crude imports.
People aware of the development said on condition of anonymity, that there could be only one plausible reason for the government to slash the budget: tardy p...
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