Dr Sultan Al Jaber at the loading of the historic first cargo of crude oil destined for the Indian Strategic Petroleum Reserves. This year Adnoc secured markets for 40 per cent of the UAE’s oil for the next 40 years. Courtesy Adnoc
Dr Sultan Al Jaber at the loading of the historic first cargo of crude oil destined for the Indian Strategic Petroleum Reserves. This year Adnoc secured markets for 40 per cent of the UAE’s oil for the next 40 years. Courtesy Adnoc
Dr Sultan Al Jaber at the loading of the historic first cargo of crude oil destined for the Indian Strategic Petroleum Reserves. This year Adnoc secured markets for 40 per cent of the UAE’s oil for the next 40 years. Courtesy Adnoc
Dr Sultan Al Jaber at the loading of the historic first cargo of crude oil destined for the Indian Strategic Petroleum Reserves. This year Adnoc secured markets for 40 per cent of the UAE’s oil for th

Adnoc ships first cargo of crude to India's Isprl


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  • Arabic

The Abu Dhabi National Oil Co (Adnoc) shipped its first cargo of 2 million barrels of crude oil destined for the Indian Strategic Petroleum Reserves (ISPRL) on Saturday.

The cargo is the first in an agreement between Adnoc and ISPRL, an Indian government company mandated to store oil for strategic needs, that will see a total of 5.86 million barrels of Adnoc crude oil stockpiled at the Karnataka facility in the Indian city of Mangalore.

“The strategic reserve project represents an important new energy partnership with India that leverages the UAE’ and Adnoc’s expertise and oil resources,” said Dr Sultan Al Jaber, UAE Minister of State and Adnoc Group chief executive.

Dr Al Jaber and Dharmendra Pradhan, Indian Minister for Petroleum and Natural Gas, witnessed the loading at a ceremony in Abu Dhabi.

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“With this partnership, new market opportunities will open up for Adnoc as we not only help to ensure the energy security of the UAE’s largest trading partner but also gain access to one of the fastest-growing markets for high-quality crude oil. Our increased presence in India will also catalyse demand for our own refined and petrochemical products," Dr Al Jaber said.

The strategic reserve agreement comes on the heels of an announcement in February that an Indian consortium made up of ONGC Videsh, Indian Oil Co and Bharat Petro Resources was awarded a 10 per cent interest in Abu Dhabi’s new offshore Lower Zakum concession.

“The UAE is the first country to invest in India’s Strategic Reserves Programme,” Mr Pradhan said. “The important partnership will further strengthen the close energy cooperation that exists between India and the UAE and builds on the historic acquisition of a stake in the Lower Zakum offshore concession by Indian companies. The strategic reserve will provide a boost to India’s energy security and help us deal with supply side disruptions.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km

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G. Hall (-8), Ursula Wikstrom (-7), Johanna Gustavsson (-7)

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
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%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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What is a portfolio stress test? 

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What are NFTs and why are auction houses interested? 

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How gamers are getting rich by earning cryptocurrencies 

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Should you buy or rent a home in the UAE?  

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Rafael Nadal's record at the MWTC

2009 Finalist

2010 Champion

Jan 2011 Champion

Dec 2011 Semi-finalist

Dec 2012 Did not play

Dec 2013 Semi-finalist

2015 Semi-finalist

Jan 2016 Champion

Dec 2016 Champion

2017 Did not play

 

The years Ramadan fell in May

1987

1954

1921

1888

Scoreline

Arsenal 0 Manchester City 3

  • Agüero 18'
  • Kompany 58'
  • Silva 65'
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea