RSS   Newsletter   Contact   Advertise with us

India signs oil storage pact with UAE

Staff Writer | January 26, 2017
The agreement on oil storage and management was signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company.
Oil storage
Oil production   India will have the first right to store crude
The agreement on oil storage and management was signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company.

India on Wednesday signed an agreement with the United Arab Emirates (UAE) for storing crude oil at a strategic facility in Mangalore.

India imports 80% of its crude oil requirements and to hedge against any emergency and safeguard its energy security programme, the country is building vast facilities to hold around 36.87 million barrels of crude oil.

The agreement on oil storage and management was signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company.

Under the agreement, India will have the first right to storage of crude in case of any emergency and the overseas company can move cargoes in case of change in the demand scenario.

The agreement was signed by India’s oil minister Dharmendra Pradhan and a representative from Abu Dhabi National Oil Company.


 

MORE INSIDE POST