ADNOC announced on Friday the exchange of two strategic cooperation agreements with Indian companies, to contribute to strengthening the established and growing partnership between the UAE and India in the energy sector.
The two agreements build on ADNOC’s growing partnerships with Indian companies in the areas of crude oil, liquefied natural gas and liquefied petroleum gas supply, along with energy storage opportunities, which will help meet India’s growing demand for energy supplies and support its long-term economic growth.
On this occasion, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said: In line with the vision and directives of the wise leadership to extend bridges of cooperation and build quality partnerships as a fundamental pillar for achieving growth, we are keen to enhance cooperation with the friendly Republic of India, which is one of the most important energy markets in the world, given the size of its economy and its successful growth model.
Dr. Sultan Al Jaber added: “In light of the rising demand for energy resources in conjunction with accelerating population growth, the importance of consolidating the partnership between the UAE and India through these agreements increases, as they contribute to ensuring security of supply, strengthening strategic relations between the two sides, and confirming ADNOC’s role as a reliable partner supporting India’s efforts to enhance its long-term economic growth.”
ADNOC has exchanged a strategic cooperation agreement with India’s Strategic Petroleum Reserves Limited to explore a range of opportunities including crude oil storage, liquefied natural gas and liquefied petroleum gas, and strategic reserves.
These opportunities include the potential to increase ADNOC’s crude oil storage capacity in India to 30 million barrels, including existing storage capacity in Mangalore, and potential new storage opportunities in Visakhapatnam and Chandikhol.
The agreement explores the possibility of storing crude oil in the Emirate of Fujairah within India’s strategic petroleum reserve, along with potential opportunities to store liquefied natural gas and liquefied petroleum gas within India, which contributes to supporting energy security and enhancing the resilience of supply chains between the UAE and India in light of the challenges facing the global shipping sector.
ADNOC also exchanged a strategic cooperation agreement with Indian Oil Corporation Limited to explore opportunities to expand the supply, trade and trading of liquefied petroleum gas (LPG), including through ADNOC Global Trading, based on the LPG supply contract between the two parties since 2023, which is renewed annually, and which contributes to supporting the potential development of a long-term sales and purchase agreement.
This agreement reinforces ADNOC’s role as a reliable supplier of liquefied petroleum gas to India and contributes to enhancing the integration of supply and shipping operations.
It is worth noting that the UAE and the Republic of India have a strong and well-established relationship based on a comprehensive strategic partnership that has witnessed remarkable expansion in recent years in the energy, trade and infrastructure sectors.
Bilateral economic relations between the two countries were further strengthened following the entry into force of the Comprehensive Economic Partnership Agreement in 2022, and the UAE and India aim to reach a trade volume of $200 billion by 2032.
India is a strategic priority for ADNOC, as it is one of the world’s fastest-growing major economies, a key driver of global energy demand, and plays a significant role in determining key growth trends in the global energy sector.
