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India's strategic crude reserve invites bids to fill facility
Indian Strategic Petroleum Reserves Ltd (ISPRL), the government-owned company mandated to store crude oil for emergency needs, has invited initial bids to fill its storage facility in the state of Karnataka. The strategic reserve is expected to be ready by the first quarter of 2017, it said in a notice on Wednesday. In 2005, the Oil Ministry set up ISPRL to build strategic storage in India to hedge against volatility of crude oil prices and sudden supply issues.
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