India and UAE Forge $5 Billion Agreements on Defence, Energy, and Shipping
India, UAE finalise defence, energy and shipping pacts worth $5 billion during Modi’s Abu Dhabi visit
Hindustan Times
Image: Hindustan Times
During Prime Minister Narendra Modi's visit to the UAE, India and the United Arab Emirates finalized agreements worth $5 billion in sectors such as defence, energy, and shipping. Modi condemned recent attacks on the UAE and emphasized India's commitment to support the Emirates amidst regional tensions, enhancing bilateral ties through strategic partnerships.
- 01The agreements include a strategic collaboration between Indian Oil Company Limited and Abu Dhabi National Oil Company for long-term LPG supply.
- 02An MoU allows ADNOC to potentially store up to 30 million barrels of crude oil in India's strategic reserves.
- 03A virtual trade corridor will be operationalized to enhance customs coordination and cargo efficiency between the two nations.
- 04The UAE's International Holding Company will invest $1 billion in India's Salman Company, contributing to the overall $5 billion investment.
- 05The agreements aim to bolster India's energy security and deepen commercial integration with the UAE.
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India and the United Arab Emirates (UAE) solidified key agreements worth $5 billion during Prime Minister Narendra Modi's recent visit to Abu Dhabi. The pacts encompass vital sectors including defence, energy, and shipping, aimed at enhancing bilateral relations amid regional tensions. Modi condemned the recent attacks on the UAE, expressing India's unwavering support and commitment to stand 'shoulder to shoulder' with the Emirates. Among the notable agreements is a strategic collaboration between Indian Oil Company Limited (IOCL) and Abu Dhabi National Oil Company (ADNOC) for the long-term supply of liquefied petroleum gas (LPG), crucial for India's energy security. Additionally, an MoU allows ADNOC to store up to 30 million barrels of crude oil in India's strategic reserves, enhancing cooperation in energy management. The two nations also agreed on a virtual trade corridor to streamline cargo movement and reduce logistics costs, further deepening commercial ties. Modi characterized these agreements as pivotal for strengthening the comprehensive strategic partnership between India and the UAE.
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The agreements will enhance India's energy security and boost economic ties, potentially leading to lower energy costs and improved infrastructure.
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