India is exploring building strategic natural gas storage facilities in the country on the lines of strategic crude oil reserves in a bid to have a large gas stockpile that can be utilised in emergencies and supply disruptions, and serve as a hedge against extreme price volatility in the international market. According to Petroleum Secretary Pankaj Jain, the idea is at a preliminary stage and a few global players specialising in gas storage have been approached to develop the proposal.
“We don’t have (strategic) gas reserves…We probably need some help at some point. But it is something that we are looking at…We have reached out to a few (global companies with gas storage expertise),” Jain told reporters, but declined to name any international players that the petroleum ministry or public sector oil and gas companies might be in talks with.
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