Mangalore Refinery and Petrochemicals Limited (MRPL) signed a Memorandum of Understanding on Tuesday with Indian Strategic Petroleum Reserves Limited to utilise ISPRL's underground caverns for crude oil storage. The partnership aims to enhance MRPL's crude storage capacity, ensuring supply security and mitigating risks arising from global market volatility. The agreement was signed at MRPL's office in Mangaluru by Executive Director (Refinery), MRPL, B Sudharshan and ISPRL Deputy CEO Atul Gupta, in the presence of MRPL Managing Director Mundkur Shyamprasad Kamath and ISPRL CEO & MD L R Jain. Under the agreement, MRPL will lease storage at ISPRL's facilities, reducing capital expenditure while improving operational flexibility. Officials stated that the strategic location of ISPRL's storage sites, close to MRPL's refinery and the coast, would help cut transportation costs and facilitate smoother logistics. The collaboration is expected to support India's energy security efforts...