UAE and India agree oil storage deal

UAE and India agree oil storage deal

The United Arab Emirates and India have signed a pact that will allow the Abu Dhabi National Oil Company (ADNOC) to store 6 million barrels of oil in the Indian city of Mangalore.

The deal is one of 14 pacts, worth a total of US$75 billion, which aim to strengthen strategic relations between the two nations.

The deals were signed in New Delhi during the crown prince of Abu Dhabi, Sheikh Mohammad bin Zayed Al-Nahyan’s visit to India, where he met with Prime Minister Narendra Modi.

The deal between ADNOC and the Indian Strategic Petroleum Reserves Ltd (ISPRL), will establish a crude oil storage facility for the former at the Karnataka site in Mangalore.

Dr. Sultan Ahmed Al-Jaber, UAE Minister of State and ADNOC Group CEO said: “India is an important energy market and this storage agreement reinforces ADNOC’s role as one of the world’s most trusted and reliable suppliers of oil.

“This mutually beneficial partnership will create opportunities for ADNOC to increase its market share in delivering high quality crude to India’s expanding refining industry, while also helping India meet its growing energy demand and safeguard its security.”