Royal Dutch Shell is in talks to lease India's new strategic oil caverns at Mangalore on the country's southwest coast, two sources said, giving it increased storage in a market where oil demand is increasing. A decision on the Mangalore site, which has total capacity of around 11 million barrels of oil, depends on Shell winning relief from local sales tax. while commissioning has been pushed back by two months to December. India, the world's No.4 crude consumer and one of the few major economies which is still seeing strong demand growth, is building up strategic petroleum reserves (SPR) facilities at three locations in the country's south that will hold a total 36.87 million barrels of oil, enough to cover almost two weeks of its needs.
The market sees a bit of recovery. The Sensex is down 429.33 points or 1.7 percent at 25335.45 and the Nifty slips 136.60 points or 1.7 percent at 7686.40. About 323 shares have advanced, 1855 shares declined, and 71 shares are unchanged.
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