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30000000 barrels of crude oil: PM Modi’s historic deal with UAE to…, Know details inside
India and the United Arab Emirates have signed a major energy agreement during Prime Minister Narendra Modi’s visit to Abu Dhabi. Under the deal, the UAE will increase crude oil storage in India’s Strategic Petroleum Reserves, strengthening India’s energy security at a time when tensions in West Asia are raising concerns over global oil supplies.
What is the deal?
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India and the UAE have agreed to increase the UAE’s crude oil storage capacity in India’s Strategic Petroleum Reserves to 30 million barrels. The agreement was announced after talks between Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.
Agreement signed between ISPRL and ADNOC
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According to India’s Ministry of External Affairs, a strategic cooperation agreement was signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company. The deal will increase the UAE’s share in India’s petroleum reserves.
Focus on Strait of Hormuz and safe shipping
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The agreement comes amid rising tensions in West Asia and concerns over disruptions in global oil supply routes. Both countries stressed the need for safe and uninterrupted movement of ships through the Strait of Hormuz, which is considered one of the world’s most important energy trade routes. The two leaders said secure navigation in the region is important for the global economy and energy supplies. India also condemned recent attacks on the UAE and expressed solidarity with the country.
LNG, LPG and crude oil supply deals signed
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India and the UAE also agreed to deepen cooperation in LNG, LPG and crude oil supplies. A new long-term agreement was signed between Indian Oil Corporation and Abu Dhabi National Oil Company for LPG supply. The two sides will also work together on building a strategic gas reserve in India.
UAE called a key energy partner for India
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India’s Ministry of External Affairs described the UAE as a key partner in India’s energy security plans. Both countries agreed to further expand cooperation in the energy sector as India looks to secure stable fuel supplies for the future.
