Adnoc has signed two co-operation agreements with Indian energy companies amid growing bilateral collaboration in the sector.
The deals were signed on Friday in the presence of President Sheikh Mohamed, during Indian Prime Minister Narendra Modi's official visit to the UAE.
Adnoc is collaborating with Indian Strategic Petroleum Reserves to seek opportunities in crude oil, gas storage and strategic reserves, the company said.
The deal has the potential to boost Adnoc's crude oil storage in India by up to 30 million barrels, including existing storage at Mangalore and possible new opportunities at Vishakhapatnam and Chandikol.
Additionally, the agreement will look into the option of potential crude storage in Fujairah as part of India's strategic petroleum reserve, alongside storage opportunities for liquefied natural and petroleum gas in the Asian country.
Adnoc also signed an agreement with Indian Oil Corporation for LPG supply and trading opportunities, including through Adnoc Global Trading.
The deal builds on the companies’ existing LPG term contract, in place since 2023, and supports the development of a potential long-term LPG sale and purchase agreement.
The agreements are expected to support energy security and bilateral energy supply chains amid a challenging global shipping environment.
“India’s scale and growth trajectory make it one of the defining energy markets of our time,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and managing director and group chief executive of Adnoc.
“As demand accelerates alongside a rapidly expanding population, the strength of the UAE–India energy partnership becomes ever more critical. These agreements reinforce supply security, deepen our strategic ties and underscore Adnoc's role as a dependable and reliable partner in powering India’s long-term economic growth.”
The UAE has been deepening ties with India across several sectors. South Asia's biggest economy is Adnoc’s top market for LNG, while the UAE company is also India’s largest LPG supplier.
The UAE and India signed a Comprehensive Economic Partnership Agreement in 2022, which resulted in bilateral non-oil trade between the two nations hitting $50.5 billion in the first 12 months from its signing.
Dr Al Jaber in January stressed the UAE will remain a “trusted and dependable” crude supplier for India.
“As one of the world’s fastest-growing major economies and a key driver of global energy demand, India continues to be a strategic priority for Adnoc and sits at the centre of key global energy growth trends,” Adnoc said.
