Odisha Sun Times Bureau
New Delhi, Feb 1:

Union Finance Minister Arun Jaitley today announced construction of a Rs 5000 Cr ‘strategic crude oil reserve’ in Odisha’s Chandikhol that will store crude oil for emergencies.

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“On the energy sector, the Union Budget proposes to set up ‘strategic crude oil reserve’. In the first phase, three such reserves facilities have been set up. Now in the second phase, it is proposed to set up caverns at two more locations, namely, Chandikhol in Odisha and Bikaner in Rajasthan,” said Jaitley while announcing the union Budget 2017 today.

“This will take our strategic reserve capacity to 15.33 MMT (million metric tonne),” he added.

Briefing reporters further on the project, Union Petroleum and Natural Gas Minister Dharmendra Pradhan said that this project will provide a stimulus to the economy of the state.

“We will build an underground crude oil storage tank at Chandikhol at an investment of Rs 5000 crore. This 5 MMT capacity storage tank will provide a stimulus to the economy of the state,” said Pradhan.

The project was also welcomed by Chief Minister Naveen Patnaik, BJD legislators and MPs along with Congress leaders.