India Eyes New Sites to Boost Strategic Oil Reserves

India, the world’s third-largest crude oil importer, which depends on imports for about 85% of its daily consumption, considers building three new sites to raise its strategic petroleum reserves. Engineers India Ltd, a state-run engineering consultancy, is doing feasibility studies, L R Jain, chief executive at the state company managing the reserve, Indian Strategic Petroleum Reserve Ltd, told Reuters on Wednesday. “In case of exigencies, we will be better prepared,” Jain said. Currently, India’s underground Strategic Petroleum…