PM Modi to Enhance Energy Cooperation with UAE During Visit
Two key energy cooperation agreements to be signed during PM’s UAE visit
Hindustan Times
Image: Hindustan Times
During Prime Minister Narendra Modi's visit to the United Arab Emirates (UAE) on May 15, key agreements on liquefied petroleum gas (LPG) supplies and strategic petroleum reserves are expected to be signed. This visit aims to strengthen energy security and cooperation amid regional tensions and economic challenges.
- 01PM Modi's visit to UAE on May 15 focuses on energy cooperation.
- 02Agreements on LPG supplies and strategic petroleum reserves are anticipated.
- 03The UAE is India's largest source of LPG, meeting 40% of its needs.
- 04Two-way trade between India and UAE has surpassed $100 billion.
- 05Long-term energy supply agreements bolster India's energy security.
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Prime Minister Narendra Modi's upcoming visit to the United Arab Emirates (UAE) on May 15 will prioritize energy security, with significant agreements expected on liquefied petroleum gas (LPG) supplies and strategic petroleum reserves. The Indian Oil Corporation and Abu Dhabi National Oil Company (ADNOC) will collaborate on LPG supplies, while the Indian Strategic Petroleum Reserves Limited (ISPRL) will partner with ADNOC for strategic oil reserves. The UAE currently meets nearly 40% of India's LPG requirements and is a crucial energy partner, supplying 11% of India's crude oil needs. The visit comes amid regional disruptions and aims to strengthen ties, with a target to double bilateral trade to $200 billion by 2032. Modi's discussions will also address the welfare of the 4.5 million Indians living in the UAE, highlighting the importance of the UAE as India's largest investor in the region, with $25.19 billion in foreign direct investment (FDI).
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The agreements will enhance India's energy security, ensuring stable LPG and oil supplies amid regional tensions. This could lead to more reliable energy prices for consumers and businesses in India.
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