New Beginning First Ship For India’s Strategic Oil Reserve To Set Sail Today
Abu Dhabi National Oil Company (Adnoc) will invest Dhs165 billion ($45bn) in downstream operations in partnership with global players over the next five years as the company looks to build the world's largest integrated refining and petrochemicals facility, with plans underway to create a manufacturing ecosystem at Ruwais.
The cargo is the first under an agreement between ADNOC and India's government-owned company ISPRL, to locate 5.86 million barrels of ADNOC crude oil at the Karnataka facility in the Indian city of Mangalore, ADNOC said in a statement.
Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan in response to the first consignment of ADNOC crude oil for Indian Strategic Petroleum Reserve (ISPR) on Saturday said, "This is a 7-year agreement". Indian Ambassador to the UAE Navdeep Singh Suri was also present. "Our increased presence in India will also catalyse demand for our own refined and petrochemical products", Dr Al Jaber said.
Adnoc's new refinery, which will boost its current capacity more than 65 per cent by 2025, will add to greater flexibility in refining and processing of crude to include other grades apart from the UAE's flagship Murban crude.
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Pradhan is visiting UAE as a follow-up to the February 2018 visit of Prime Minister Narendra Modi to that nation. Indian energy consumption is expected to more than double by 2040, accounting for 25 percent of the rise in global energy, and the largest absolute growth in oil consumption. India will have the first rights to the stored crude in case of an emergency.
Pradhan tweeted after a meeting with Adnoc officials that the two parties have agreed to form a working group that will meet soon to finalise a list of projects in upstream, midstream and downstream sector where mutual investment can be considered.
Oil and Petroleum Minister Dharmendra Pradhan said that the United Arab Emirates (UAE) has chose to store six million barrels of oil in strategic storage for the very first time, thereby ensuring a strategic partnership between the two countries.
Today's loading comes the day before Adnoc hosts a major Downstream Investment Forum in Abu Dhabi, where it will unveil more details of its expanded Downstream Strategy, including its new Ruwais industrial hub masterplan.
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