Mangalore Refinery Enters Lease Agreement with ISPRL for Crude Oil Storage

Mangalore Refinery and Petrochemicals Limited (MRPL) has signed a Memorandum of Understanding with Indian Strategic Petroleum Reserves Limited (ISPRL) to lease underground caverns for crude oil storage. This strategic partnership aims to enhance MRPL's storage capacity, ensuring supply security while mitigating risks associated with global market volatility. The agreement, signed at MRPL's office, will reduce capital expenditure and improve operational flexibility by utilizing ISPRL's strategically located facilities near the coast. This collaboration is expected to bolster India's energy security efforts.

Source: Business Standard, Times of India