Submission statement: India and the United Arab Emirates have agreed to significantly deepen their energy partnership, with the UAE set to store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve, the Ministry of External Affairs said on Friday after Prime Minister Narendra Modi’s short visit to Abu Dhabi.
The agreement emerged from wide-ranging talks between Prime Minister Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, with both leaders also stressing the importance of “safe transit passage and unimpeded navigation through the Strait of Hormuz” amid rising regional tensions.
In a statement, the MEA said the two leaders “welcomed the conclusion of a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to enhance UAE’s participation in India’s Strategic Petroleum Reserves to 30 million barrels.”
The move is expected to strengthen India’s energy security at a time when global crude supplies remain vulnerable to disruptions in West Asia.
Lease_Tha_Apts on
Very interesting. Follows the trend of gulf countries investing in foreign supply to ensure that they can honor long term contracts even if Hormuz is closed in the future.
Creative_soja on
In case anyone is wondering, it is worth about 5.5 days of India’s oil consumption. India consumes about 5.5 million barrels per day.
Connect_Visit5516 on
India and UAE might be the only 2 countries which are on same page regarding everything lol.
This amount of coordination is honestly impressive between each other.
The heads of India and UAE visited each other and met for only 1 hour in January and yesterday but signed 10 to 15 deals
4 Comments
Submission statement: India and the United Arab Emirates have agreed to significantly deepen their energy partnership, with the UAE set to store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve, the Ministry of External Affairs said on Friday after Prime Minister Narendra Modi’s short visit to Abu Dhabi.
The agreement emerged from wide-ranging talks between Prime Minister Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, with both leaders also stressing the importance of “safe transit passage and unimpeded navigation through the Strait of Hormuz” amid rising regional tensions.
In a statement, the MEA said the two leaders “welcomed the conclusion of a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to enhance UAE’s participation in India’s Strategic Petroleum Reserves to 30 million barrels.”
The move is expected to strengthen India’s energy security at a time when global crude supplies remain vulnerable to disruptions in West Asia.
Very interesting. Follows the trend of gulf countries investing in foreign supply to ensure that they can honor long term contracts even if Hormuz is closed in the future.
In case anyone is wondering, it is worth about 5.5 days of India’s oil consumption. India consumes about 5.5 million barrels per day.
India and UAE might be the only 2 countries which are on same page regarding everything lol.
This amount of coordination is honestly impressive between each other.
The heads of India and UAE visited each other and met for only 1 hour in January and yesterday but signed 10 to 15 deals