India to build its largest oil reserve at Rs 8,571 crore amid Hormuz crisis

The project is estimated to cost Rs 8,571 crore. The proposed facility at Chandikhol will have the capacity to hold four million tonnes (MT) of crude oil, expanding the country’s existing strategic storage capacity by 80%. The government is offering financial support of up to Rs 5,142 crore for the project. According to the tender documents, the contract will go to the bidder that seeks the lowest grant.