Bhubaneswar, May 17 -- Odisha's Chandikhol is set to house a massive underground crude oil storage facility as part of a major initiative aimed at strengthening India's energy security and emergency fuel preparedness.

The proposed strategic petroleum reserve will have the capacity to store nearly 40 lakh metric tonnes of crude oil and will be developed at an estimated cost of Rs 8,743 crore.

The agreement for the project was signed during Prime Minister Narendra Modi's visit to the UAE with UAE President Sheikh Mohamed bin Zayed Al Nahyan.

The memorandum of understanding was signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company.

The Union Cabinet had approved the project in 2018. However, implem...