Prime Minister Narendra Modi on 18 May 2026 inaugurated the sale of crude oil from Odisha's strategic petroleum reserve at Chandikhol, marking a significant step in India's energy security. The facility, part of the Indian Strategic Petroleum Reserves Limited (ISPRL), holds 1.33 million metric tonnes of crude oil.
The sale is aimed at monetizing part of the reserve to generate revenue and optimize storage capacity. According to government sources, the oil will be sold to domestic refineries through a transparent bidding process.
Odisha Chief Minister Mohan Charan Majhi was present at the event, highlighting the state's role in India's energy infrastructure. The Chandikhol storage is one of three strategic reserves in India, with total capacity of 5.33 million tonnes.
Experts note that this move aligns with India's broader strategy to enhance energy independence and manage price volatility. The sale is expected to fetch substantial revenue for the government while ensuring continued emergency preparedness.
