NEW DELHI:India’s Petroleum and Natural Gas & Skill Development & Entrepreneurship Minister Dharmendra Pradhan along with Dr. Sultan Al Jaber, UAE Minister of State and Adnoc Group CEO witnessed the loading of first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern.
Minister Pradhan is visiting UAE to follow up on the February 2018 state visit of Prime Minister Narendra Modi.
During the visit of Modi, Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an agreement with Abu Dhabi National Oil Company (ADNOC) of UAE under which ADNOC will store about 5.86 million barrels of crude oil in India’s Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.
ISPRL has built 5.33 million tonnes (around 39 million barrels) of strategic crude oil storage at three locations located at Vishakhapatnam, Mangalore and Padur.
Vishakhapatnam storage has a capacity of 1.33 million tonnes (9.77 million barrels) of crude oil, Mangalore has a capacity of 1.5 million tonnes (11 million barrels) and Padur can stock 2.5 million tonnes (18.37 million barrels).
Government of India can use the entire available crude oil stored by ADNOC in the Mangalore SPR facility during an emergency situation.
The Agreement with ISPRL also allows ADNOC to sell part of the crude oil to Indian refineries on commercial basis while adhering to mutually agreed minimum crude storage which is for exclusive use of the Indian government.
During the day, Minister Pradhan also held bilateral meeting with Dr. Jaber. Minister Pradhan was accompanied by Ambassador Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum.
Both sides discussed on the ongoing cooperation in the hydrocarbon sector and explored ways to further enhance the engagement.
They had detailed discussions on the Indian downstream sector and explored the various opportunities for participation of UAE companies in the mega petroleum sector infrastructure projects in India. Minister Pradhan also invited UAE companies to participate as preferred partners in the entire hydrocarbon value chain of India.
The Minister also had an interactive session with over 250 Indian professionals, business leaders and community representatives working in the UAE. The event was organised by the Embassy of India in Abu Dhabi in collaboration with the Abu Dhabi Chapter of the Institute of Chartered Accountants of India (ICAI) and IBPG-Abu Dhabi.