Abu dhabi: ADNOC today announced the exchange of two strategic collaboration agreements with Indian partners, reinforcing the strong and expanding UAE-India energy partnership.
According to Emirates News Agency, the agreements build on ADNOC's expanding partnerships with Indian companies across crude, LNG, and LPG supply, as well as energy storage opportunities, supporting India's growing energy demand and long-term economic growth.
Dr. Sultan Al Jaber, ADNOC Managing Director and Group CEO, emphasized India's crucial role in the global energy market, stating that the UAE-India energy partnership is vital as India's demand accelerates alongside its rapidly expanding population. These agreements aim to secure supply, deepen strategic ties, and affirm ADNOC's role as a dependable partner in powering India's economic growth.
ADNOC's agreement with Indian Strategic Petroleum Reserves Limited includes exploring opportunities in crude oil, LNG, and LPG storage, and strategic reserves. This includes a potential increase in ADNOC's crude oil storage in India up to 30 million barrels, with existing storage at Mangalore and potential new storage at Vishakhapatnam and Chandikol.
The agreement also considers potential crude storage in Fujairah, as part of India's strategic petroleum reserve, alongside potential LNG and LPG storage opportunities in India. This supports energy security and enhances the resilience of UAE-India energy supply chains amid a challenging global shipping environment.
Another agreement with Indian Oil Corporation explores expanded LPG supply and trading opportunities, including through ADNOC Global Trading. This builds on the existing LPG term contract since 2023 and supports the development of a potential long-term LPG sale and purchase agreement, reinforcing ADNOC's role as a reliable LPG supplier to India.
Overall, the UAE and India share a deep and enduring relationship underpinned by a Comprehensive Strategic Partnership. Bilateral economic ties have strengthened further following the Comprehensive Economic Partnership Agreement, which came into effect in 2022, with both countries targeting $200 billion in trade by 2032. As one of the world's fastest-growing major economies, India remains a strategic priority for ADNOC.