UAE to Store 30 Million Barrels of Oil in India's Strategic Reserve
Big Energy Push: UAE To Store 30 Million Barrels In India's Strategic Oil Reserve
News 18
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During Prime Minister Narendra Modi's visit to the United Arab Emirates, India and the UAE signed agreements to enhance energy security. The UAE will store up to 30 million barrels of ADNOC crude oil in India’s Strategic Petroleum Reserve, including facilities in Visakhapatnam, Andhra Pradesh, and proposed projects in Chandikol, Odisha.
- 01The agreement includes the possibility of storing crude oil in Fujairah, UAE.
- 02India's Strategic Petroleum Reserve will benefit from UAE's participation in oil storage.
- 03Discussions also covered potential collaboration in Liquid Natural Gas (LNG) and Liquid Petroleum Gas (LPG) storage facilities in India.
- 04The agreements aim to strengthen energy security between India and the UAE.
- 05This initiative marks a significant step in bilateral cooperation in the energy sector.
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Prime Minister Narendra Modi's recent visit to the United Arab Emirates (UAE) resulted in significant agreements aimed at enhancing energy security and petroleum storage cooperation between the two nations. Under the agreement, the UAE will store up to 30 million barrels of ADNOC crude oil in India’s Strategic Petroleum Reserve. This includes storage at facilities in Visakhapatnam, Andhra Pradesh, and proposed projects in Chandikol, Odisha. Additionally, discussions were held regarding the potential for collaboration in Liquid Natural Gas (LNG) and Liquid Petroleum Gas (LPG) storage facilities in India. This partnership is expected to bolster India's energy security and strengthen bilateral relations.
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This agreement will enhance India's energy security by increasing its oil storage capacity, potentially stabilizing fuel prices and ensuring supply during crises.
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