India Strengthening its positions at UAE energy market

The UAE reached a strategic oil deal yesterday with India, which visiting leaders said is expected to be the first in a deepening relationship with one of the world’s fastest growing oil consumers.
The deal signing, which coincides with the official visit of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has been in the works for more than a year and gives state-owned Abu Dhabi National Oil Company (Adnoc) access to India’s new strategic oil reserves storage facility to store nearly 6 million barrels of crude.
Sheikh Mohammed and Narendra Modi, India’s prime minister said they expect further energy sector investments as part of the initiative that began with Mr Modi’s visit in late 2015.
That sentiment was echoed by Sultan Al Jaber, Adnoc’s chief executive and the Minister of State. The deal is “a new strategic energy partnership with India that leverages the UAE and Adnoc’s expertise and oil resources”, he said. “This mutually beneficial partnership will create opportunities for Adnoc to increase its market share in delivering high-quality crude to India’s expanding refining industry, while also helping India meet its growing energy demand and safeguard its security.”
Abu Dhabi has supplied about 8 per cent of India’s crude oil needs in recent years.