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Market Chatter: ONGC to Allocate Half of New Oil Storage to Strategic Reserves

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Oil and Natural Gas (NSE:ONGC, BOM:500312) plans to earmark half of its proposed 1.75 million-metric-ton oil storage facility, or about 13 million barrels, for India's strategic petroleum reserves, Reuters reported, citing junior oil minister Suresh Gopi.

The state-run explorer unveiled plans last month to construct the facility in Mangaluru, Karnataka, home to its subsidiary Mangalore Refinery and Petrochemicals' 300,000-barrel-per-day refinery.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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