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Companies may get grant to set up strategic oil reserves The second phase of the project will require an investment of $1.6 billion (Bloomberg)Premium Share Via Read Full Story The government plans to offer viability gap funding (VGF) to attract bidders for the second phase of Indian Strategic Petroleum Reserves, which will add 12 days of crude oil storage, two government officials aware of the matter said. The move is part of India’s efforts to enhance energy security. The second phase will require an investment of $1.6 billion under the public-private partnership (PPP) mode. The Union cabinet’s nod for the terms to be offered under the VGF route to bidders will be sought. The proposal is under discussion. ....