ADNOC and India make history

ADNOC and India make history

ADNOC and India make history

The first consignment of Abu Dhabi National Oil Company (ADNOC) crude oil for the Indian Strategic Petroleum Reserves (ISPRL) in Mangaluru will be flagged off in three days. Downstream Investment Forum is a very important forum and UAE is a reliable partner of India. "Today India is the number 3 absolute energy consumer, our energy appetite is very high".

Adnoc's new refinery, which will boost its current capacity more than 65 per cent by 2025, will add to greater flexibility in refining and processing of crude to include other grades apart from the UAE's flagship Murban crude. "I appeal all the stakeholders in this energy business to come and invest in India".

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday requested all stakeholders.

"Importantly, the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments", he added. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas. Our per capita energy consumption is very modest which will increase in the coming years.

Pradhan is visiting UAE as a follow-up to the February 2018 visit of Prime Minister Narendra Modi to that nation.

Indian energy demand is forecast, by the International Energy Agency (IEA), to grow by more than any other country in the period to 2040, propelled by an economy that will grow to more than five-times its current size and by population growth that will make it the world's most populous country.

Earlier, Pradhan had said that under the leadership of Prime Minister Narendra Modi, India has made tremendous strides in providing energy justice to all. "We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain", said Sultan Al Jaber, UAE Minister of State and Adnoc Group chief executive. Minister Pradhan was accompanied by Ambassador Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum.

During the day, Pradhan also held a bilateral meeting with H.E. Dr. Jaber. Indian Strategic Petroleum Reserves Ltd (ISPRL) had then signed an agreement with ADNOC which allows the firm to store 5.86 million barrels of crude in the strategic facility at Mangalore at its own cost.

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