After Saudi Arabia, UAE Oil Giant to Buy Stakes in Indian Refinery

15 May, 2018, 13:15 | Author: Terri Saunders
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During the visit of the Prime Minister, Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an agreement with the ADNOC of UAE under which the latter will store about 5.86 million barrels of crude oil in India's Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost. "Today India is the number 3 absolute energy consumer, our energy appetite is very high". Our per capita energy consumption is very modest which will increase in the coming years.

On Sunday, the UAE's oil minister also said that any oil shortages due to Iran sanctions could be filled by the country.

ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.

Abdulaziz Al Hajri, Downstream Director at ADNOC, said: “We are pleased to be moving forward with our partnership with Cepsa, through its chemical business to develop a new LAB facility in Ruwais.

"We continue to keep upstream as an integral part of our DNA at ADNOC while complementing that with a real shift in our drive for more downstream investments", according to the official.

"We have to live with the reality of the present geopolitics", Minister Dharmendra Pradhan told Reuters during a visit to the United Arab Emirates. "In the near future, the growth rate will be more stablised, we are expecting more energy requirement", he said.

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Earlier, Pradhan had said that under the leadership of Prime Minister Narendra Modi, India has made tremendous strides in providing energy justice to all.

Al Jaber said the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments. "But in last two months, the electricity has reached to nearly every village". "But by 2019-20, we will provide electricity to every house in the country", he added. The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors.

India's strategic crude oil storages are located at Vizag (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes).

During the day, Minister Pradhan also held a bilateral meeting with H.E. Jaber.

The Abu Dhabi company has also gained access to India's strategic petroleum reserve: this weekend, Adnoc said it will ship 2 million barrels of crude to the reserve, which will make it the first foreign company to enter it, Bloomberg reported.

The refinery, which is now 50-percent owned by Indian Oil Corporation, and by Bharat Petroleum and Hindustan Petroleum with 25 percent each should be completed by 2022 and will have a daily throughput capacity of 300,000 bpd of crude.

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