India to have 15-day oil reserve by 2015

India, Asia’s third-largest oil consumer, finally firmed up on Friday stalled plans to build a strategic crude oil reserve by 2015, aiming to bolster its energy security as imports rise, officials said.

The cabinet approved a proposal to build the 5 million tonne (37 million barrels) reserve at a cost of Rs 112.67 billion ($2.5 billion), Defence Minister Pranab Mukherjee said. It will hold the equivalent of 15 days of demand.