H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, at the loading of The historic first cargo of crude oil from the Abu Dhabi National Oil Company (ADNOC), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL). 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 thShow more

Adnoc ships first cargo of crude to India's Isprl



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.”

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.