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India to build natural gas storage facilities to counter sabotage of Iran-Pak pipeline by Al-Queda and other Jihadists
India went ahead with Iran-Pak natural gas pipeline. But the big danger of sabotage by Al-Queda, Pakistani and other Islamic Jahadists threatens the pipeline continuously. India plans to build huge underground reservoir to hold a buffer supply to ensure reliability of gas supply from Iran.
India will develop underground natural gas storage facilities, which will act as reserves in the event of sabotage of the proposed US$4.16 billion Iran-Pakistan-India gas pipeline.
The country would be able to fall back on these reserves, which would ensure supply security, Indian officials said here, commenting on the facility that would be set up by state-owned Oil and Natural Gas Corporation (NSI:ONGC) and GAIL (India) Ltd (NSI:GAIL).
India and Pakistan this week agreed to sort out transit, legal, financial and structural issues by the year end for the 2,600 km pipeline, which is expected to take-off early 2006.
A special purpose vehicle would be set up to fund construction of the storage facilities, officials said.
French consultants Gaz de France, which has vast experience in the field of developing and operating underground gas storage in different types of rock formations as well as depleted gas fields, would assist in constructing the facilities that would have a capacity to store enough supplies to meet requirements for at least 30 days.
Officials said the strategic reserves would be built in Rajasthan, with a reserve capacity of up to one billion standard cubic meters.
New Delhi hopes to import 60 million standard cubic meters per day of gas through the pipeline, 760-km of which will pass through Pakistan, by the first half of 2010 and ramp up imports from Iran to 90-100 mmscmd by 2015.
Oil Industry Development Board (OIDB) has pledged Rs 500,000 for an initial study on building the facility.
BIZ/FINANCE ARTICLES
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