In direction of boosting India’s energy safety, on Monday Union cabinet did approval for passing of an agreement that will see crude oil for planned storage movement in from Abu Dhabi to meet unforeseen future demands.
As per the contract between Indian Strategic Petroleum Reserve Ltd and Abu Dhabi National Oil Company of UAE, ADNOC will refill 0.81 million tonnes 5,860,000 of crude oil at ISPRL storage facility at Mangalore said Petroleum Ministry statement.
As per ADNOC from the stored crude, some share will be used for commercial drive of and major share will be purely for planned purposes.
This investment by ADNOC is a main investment by UAE, and very first investment in energy sector of India. India and UAE are planned partners.