<p>India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.</p>.<p>Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows.</p>.<p>Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.</p>.<p>"Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company.</p>.<p>The Padur storage facility has four equal-sized compartments.</p>.<p>So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve.</p>.<p>Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs but could sell the rest to Indian refiners.</p>.<p>India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.</p>
<p>India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure.</p>.<p>Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows.</p>.<p>Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state.</p>.<p>"Aramco has signed an MoU for only one compartment," said HPS Ahuja, chief executive of the Indian company.</p>.<p>The Padur storage facility has four equal-sized compartments.</p>.<p>So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka. Last year it signed a preliminary agreement to use half of the Padur reserve.</p>.<p>Ahuja said Aramco would have to keep some of the 4.6 million barrels for India's strategic needs but could sell the rest to Indian refiners.</p>.<p>India, which relies on imports for about 80% of its oil needs, has underground emergency storage in three locations to protect against any supply disruption. The reserves can hold 36.87 million barrels.</p>