India and UAE to Strengthen Energy Ties with New Agreements
India, UAE to sign LPG and strategic petroleum reserve agreements
Business Standard
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During Prime Minister Narendra Modi's visit to the United Arab Emirates (UAE), India is set to finalize agreements on liquefied petroleum gas (LPG) and strategic petroleum reserves. These agreements aim to enhance energy cooperation, with the UAE being a crucial supplier of crude oil and liquefied natural gas (LNG) to India.
- 01India will sign agreements on LPG and strategic petroleum reserves during Modi's UAE visit.
- 02The UAE is India's fourth-largest source of crude oil, meeting nearly 11% of its requirements.
- 03Indian companies have significant investments in the UAE's energy sector, exceeding $1.2 billion.
- 04The UAE supplies approximately 40% of India's LPG needs and is a major LNG supplier.
- 05Modi's visit includes stops in the Netherlands, Sweden, Norway, and Italy for further agreements.
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Prime Minister Narendra Modi's visit to the United Arab Emirates (UAE) will result in two significant agreements focusing on liquefied petroleum gas (LPG) and strategic petroleum reserves. The UAE has been a pivotal partner for India, being the first country to collaborate on strategic petroleum reserves, allowing the storage of over 5 million barrels of crude oil at India's facility in Mangaluru since 2018. Currently, the UAE is India's fourth-largest crude oil source, fulfilling nearly 11% of its energy needs, and is also the largest supplier of LPG, accounting for 40% of India's requirements. The agreements will strengthen energy ties amid recent disruptions in sourcing energy from the Gulf region due to ongoing conflicts. Modi's trip will also include visits to the Netherlands, Sweden, Norway, and Italy, focusing on technology sharing and renewable energy cooperation, including a significant 60 GW renewable energy capacity project with Masdar in Rajasthan. This visit marks a crucial step in bolstering India's energy security and investment in the UAE's energy sector.
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These agreements will enhance India's energy security and reduce dependency on other sources, potentially stabilizing energy prices for consumers.
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