Six more locations for monster reserves to stock up crude oil for India

India is doubling down to build new strategic petroleum reserves (SPR) at six proposed locations in the quest for energy security in a volatile world, two people aware of the development said. Emergency oil reserves that are stocked up while prices are low and released at times of exigencies are crucial for the world’s third-largest energy consumer, which imports 85% of its crude requirements. The government has asked state-run Engineers India Ltd (EIL) to make detailed feasibility reports (DFRs) to build such new reserves at six locations, two people aware of the development said. Of these, one is proposed to…