India-UAE Strategic Petroleum Reserves and LPG Supply Agreements
Sector: Oil and Gas • Location: Visakhapatnam, Chandikol, Andhra Pradesh, Odisha, India
Source: The Times of India
Two Memorandums of Understanding (MOUs) were signed between India and UAE during PM Narendra Modi's visit to build strategic petroleum reserves for India and ensure long-term LPG and LNG supply. The agreements include potential ADNOC crude oil storage in India's Strategic Petroleum Reserves up to 30 million barrels, participation in facilities in Vishakhapatnam, Andhra Pradesh, and development of
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Description
Description | Two Memorandums of Understanding (MOUs) were signed between India and UAE during PM Narendra Modi's visit to build strategic petroleum reserves for India and ensure long-term LPG and LNG supply. The agreements include potential ADNOC crude oil storage in India's Strategic Petroleum Reserves up to 30 million barrels, participation in facilities in Vishakhapatnam, Andhra Pradesh, and development of reserve facilities in Chandikol, Odisha. It also includes potential storage of crude oil in Fujairah, UAE, as part of the Indian strategic petroleum reserve and collaboration in LNG and LPG storage facilities in India. Additionally, a strategic collaboration agreement between Indian Oil Limited (IOCL) and ADNOC on supplies of LPG was signed to explore long-term supply opportunities. |
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