The Abu Dhabi National Oil Company is planning to fill up storage tanks contracted from the Indian government in the first week of November, Reuters reported.
ADNOC has already filled two-thirds of the 5.86 million barrel tank capacity at the Mangalore Strategic Petroleum Reserves (SPR) facility with Das crude.
“The third VLCC (Very Large Crude Carrier) will arrive next week,” Sunjay Sudhir, joint secretary of international cooperation at India’s Ministry of Petroleum & Natural Gas, told reporters.
ADNOC holds a seven-year agreement with the Indian government allowing it to access the storage and sell a portion of the crude to Indian refiners. However, the government has the first right to buy in times of emergency and the oil cannot be re-exported unless the agreement is first terminated.
The Mangalore SPR facility has a capacity of 10.95 million barrels.