India Orders Major Strategic Oil Reserve Expansion After Supply Crisis

India’s government has asked state-owned Oil and Natural Gas Corp (ONGC) to build and fill a new site for strategic petroleum reserves, with an estimated investment of $1.6 billion, local outlet the Economic Times reported on Friday, quoting sources with knowledge of the plans.

The government is looking to boost India’s energy security in the wake of the Iran war and the following oil supply crisis that India felt firsthand, with a soaring energy import bill and rising prices of fuels.

Currently, India’s underground Strategic…