Recent MoU:
- Abu Dhabi National Oil Company (ADNOC) has signed a MoU with the Indian Strategic Petroleum Reserves Ltd. (ISPRL) to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 million-tonne capacity.
- The MoU follows the arrival of the final shipment of the initial delivery of ADNOC crude on November 4, to be stored in another ISPRL underground facility in Mangaluru.
India and UAE Hydrocarbon linkages:
- Abu Dhabi National Oil Company (ADNOC):
- ADNOC is the only foreign oil and gas company, so far, to invest, by way of crude oil, in India’s strategic petroleum reserves program.
- It is also a stakeholder, along with Saudi Aramco, in one of India’s largest refinery to be constructed at Ratnagiri in Maharashtra.
- The hydrocarbon linkages between the two were bolstered in February 2018, when an Indian consortium of three companies (ONGC Videsh, IOCL, and Bharat PetroResources Ltd.), was awarded a 10% participating interest in Abu Dhabi’s offshore Lower Zakum concession.
