India and the United Arab Emirates (UAE) have solidified their strategic partnership by signing five key agreements during the ongoing visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India.
Key Agreements:
- LNG Supply Deal: The Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation (IOC) have signed a significant agreement for the long-term supply of Liquefied Natural Gas (LNG). This deal, marking ADNOC’s third long-term LNG supply arrangement with Indian entities in less than a year, will see ADNOC provide 1 million tonnes of LNG annually from its Ruwais natural gas project for the next 15 years. This follows a previous deal with IOC for 1.2 million tonnes per year. With gas meeting only 6.2% of India’s energy needs, the country aims to increase this share to reduce its dependence on petroleum.
- Crude Storage Memorandum of Understanding (MoU): An MoU was signed between ADNOC and the India Strategic Petroleum Reserve Limited (ISPRL) to explore further opportunities for crude storage in India and renew their existing storage agreement. ISPRL manages strategic crude oil storage at multiple locations including Visakhapatnam, Mangalore, and Padur. ADNOC has been utilizing ISPRL’s facilities since 2018.
- Production Concession Agreement: A production concession agreement for the Abu Dhabi Onshore Block 1 was signed between Urja Bharat— a joint venture of IOC and Bharat Petro Resources Ltd—and ADNOC. This consortium will explore and assess oil and gas reserves in the 6,162-square-kilometer block near Ruwais, ADNOC’s integrated refining and petrochemicals hub.
- Nuclear Energy MoU: India and UAE have entered into an MoU for the operation and maintenance of the Barakah Nuclear Power Plant. This plant, managed by Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Limited (NPCIL), is the first commercial nuclear power station in the Arab world and began electricity generation in March.
- Food Parks Development Agreement: The Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) have signed an MoU to develop food parks in India, enhancing collaboration in agricultural and food processing sectors.
Crown Prince Al Nahyan’s visit includes meetings with Indian Prime Minister Narendra Modi, President Droupadi Murmu, and a visit to Rajghat to pay respects to Mahatma Gandhi. The Crown Prince will continue his visit in Mumbai on Tuesday.
These agreements reflect the deepening energy and strategic ties between India and the UAE, with a focus on enhancing cooperation in critical sectors.
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