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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Individual E. Pederson (-14), S. Kyriacou (-12), A van Dam (-12), L. Galmes (-12), C. Hull (-9), E. Givens (-8),
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Five personal finance podcasts from The National
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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
Scoreline
Arsenal 0 Manchester City 3
- Agüero 18'
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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