India will soon start looking for investors in the second phase of its strategic petroleum reserve, a senior executive of the company managing the reserve told Reuters. The second phase will cost an estimated US$2 billion, and roadshows will begin in October, the chief executive of India Strategic Petroleum Reserves Ltd, H. P. S. Ahuja said. New Delhi approved earlier this year a project for building two additional strategic petroleum reserve facilities with a total capacity of 6.5 million tons, or 47.65 million barrels. The first phase of the expansion, to have a capacity of 18.33 million barrels (2.5 million tons) was commissioned last week, the executive also said. India already has two strategic petroleum reserve facilities with a modest capacity: 20.52 million barrels, or 2.8 million tons. The two additional facilities will bring the total to a little over 68 million barrels. To compare, the United States’ strategic […]