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UAE Freezones Biz News Updates
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UAE makes history in Indian oil
Historic first crude oil cargo from Adnoc departs for Mangalore strategic
reserve
Abu Dhabi National Oil Company (Adnoc) on Saturday started supplying crude
to India for its strategic petroleum reserves with the first shipment
carrying 2 million barrels of oil.
Indian Strategic Petroleum Reserves Ltd (ISPRL) has been mandated by New
Delhi to locate 5.86 million barrels of Adnoc crude at its Karnataka
facility in Mangalore.
Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and
Dharmendra Pradhan, India's Minister for Petroleum and Natural Gas, attended
the historic first crude shipment ceremony in Abu Dhabi. Indian Ambassador
to the UAE Navdeep Singh Suri was also present.
"With this partnership, new market opportunities will open up for Adnoc, as
we not only help to ensure the energy security of the UAE's largest trading
partner, but also gain greater access to one of the fastest-growing markets
for high-quality crude oil. Our increased presence in India will also
catalyse demand for our own refined and petrochemical products," Dr Al Jaber
said.
Pradhan said that a part of the stored oil will be used for commercial
purposes by Adnoc, but the major part will be purely for strategic purposes.
The implementation of the strategic reserve agreement follows Adnoc's
announcement, in February, that an Indian consortium of three companies -
ONGC Videsh, Indian Oil Company and Bharat Petro Resources - had been
awarded a 10 per cent interest in Abu Dhabi's new offshore Lower Zakum
concession.
In another major development, PTI reported, quoting official sources, that
Adnoc will also buy a stake in the planned $44 billion
refinery-cum-petrochemical project in the Indian state of Maharashtra. A
deal is expected to be signed on Sunday.
According to the International Energy Agency, Indian energy demand is
forecast to grow by more than any other country in the period to 2040.
Indian energy consumption is expected to more than double by 2040,
accounting for 25 percent of the rise in global energy, and the largest
absolute growth in oil consumption. India is 82 per cent dependent on
imports to meet its crude oil needs, 8 per cent of which is supplied by the
UAE.
Pradhan tweeted after a meeting with Adnoc officials that the two parties
have agreed to form a working group that will meet soon to finalise a list
of projects in upstream, midstream and downstream sector where mutual
investment can be considered.
"India looks towards the UAE as a preferred partner in further developing
oil and gas infrastructure in the country. Ease of doing business, opening
up of the Indian E&P sector due to policy reforms and a stable government
makes India a profitable investment destination in the energy sector,"
Pradhan added.
May 12, 2018 |
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Courtesy Khaleej Times
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