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Adnoc signs pact to store oil in India’s strategic reserve

Thursday, 26 January 2017 09:46

Abu Dhabi National Oil Co. (Adnoc) signed an agreement with Indian Strategic Petroleum Reserves Ltd. to establish framework for oil storage and management in India, according to a statement on Press Information Bureau’s website. According to the Indian media, the deal allows the Gulf nation to fill half of an underground crude oil storage facility at Mangalore that is part of New Delhi's strategic reserve system. A top Indian official said Adnoc will store about 6 million barrels of oil at Mangalore. On Wednesday, India and UAE signed 13 agreements on comprehensive strategic partnership following the bilateral meeting between His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Indian Prime Minister Narendra Modi. Both nations agreed to cooperate in a number of fields including defence, maritime transport, road transport, human trafficking and agriculture. (Bibhudatta Pradhan and Debjit Chakraborty/Bloomberg)

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