In what appears to be a flurry of deals that are being signed by the Narendra Modi led Governement of India with the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed al Nahyan, PM Modi has gotten another sweet deal for India.
The Government of India’s underground oil reserve at Mangalore, that is kept to have a reserve of oil incase of any emergency, will be supplied with 6 million barrels of oil by the Abu Dhabi National Oil Company. India plans to keep at least 37 million barrels of oil in case of any emergency that leads to a stop in its oil supply. This is equal to the oil that India consumed every 10 days in 2016.
This is a step taken to ensure our country achieves energy security soon. India and UAE have signed many agreements, MOUs and pacts in fields of maritime cooperation, energy secuity, defence, trade, etc. the Crown Prince of Abu Dhabi was the Chief Guest at India’s 70th Republic Day.