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Construction : Web Exclusive | January 2017 | Source : Infrastructure Today

India signs pact with UAE to boost oil reserves

India has signed a deal with the United Arab Emirates, allowing the Gulf nation to fill the country’s strategic storage facility in southern India.

In 2014, India began talks to lease part of its strategic storage to Abu Dhabi National Oil Co (ADNOC). Under the deal, India would have first rights to the stored crude in case of an emergency, while ADNOC would be able to move cargoes to meet any shift in demand.

The deal was signed by Oil Minister Dharmendra Pradhan and a representative of ADNOC after a meeting between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan.
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