ADNOC gets crude storage approval
The Cabinet has approved signing of the Definitive Agreement on Oil Storage and Management between #Indian Strategic Petroleum Reserve Ltd (ISPRL) and #Abu Dhabi National Oil Company (ADNOC) of UAE.
ADNOC will fill up 0.81 million tonnes of or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka.
ADNOC will be allowed to use part of the crude stored for commercial purpose and the rest will be for strategic purposes. The signing of the Agreement will augment India’s energy security.
India and UAE are strategic partners.
The ADNOC investment is under the High Level Task Force on Investment (HLTFI) and the first investment by UAE in India’s energy sector. fii-news.com
