India, UAE deepen energy cooperation with 30 million barrel storage plan

NEW DELHI: India and the United Arab Emirates have agreed to further strengthen their energy cooperation, with the UAE planning to store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve, the Ministry of External Affairs said following Prime Minister Narendra Modi’s brief visit to Abu Dhabi on Friday.

The understanding was reached during extensive discussions between Prime Minister Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. Both leaders also highlighted the need to ensure “safe transit passage and unimpeded navigation through the Strait of Hormuz,” especially in light of increasing tensions in the region.

According to the MEA, the two sides welcomed a Strategic Collaboration Agreement between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company. This partnership is aimed at expanding the UAE’s role in India’s strategic oil storage facilities, increasing its participation to as much as 30 million barrels. (Agencies)

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