ARABIAN OIL FOR INDIA
AOG - A delegation from ADNOC attended a special event at the Karnataka oil storage facility, in the Indian city of Mangalore, to celebrate the unloading of the first cargo of ADNOC crude oil sent to the Indian Strategic Petroleum Reserves Ltd (ISPRL).
The cargo, which was loaded in Abu Dhabi at an event witnessed by Dr Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO, and Dharmendra Pradhan, Indian minister for petroleum and natural gas, arrived in Mangalore following a short, 6-day voyage.
Abdulla Salem Al Dhaheri, ADNOC's director of marketing, sales and trading, said: "Our teams, from ADNOC and ISPRL, have worked tirelessly to ensure the successful implementation of this important strategic project. ADNOC is already a trusted and reliable supplier of crude oil and refined products to many customers and partners in India, and we are proud to deepen this longstanding relationship through another important and strategic collaboration."
The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India's annual monsoon season.
HPS Ahuja, CEO and managing director of ISPRL, said: "Todays unloading of ADNOC crude oil marks another important milestone for ISPRL, as we deliver on our mandate of establishing strategic crude oil storage facilities that enhance India's energy security and serve as a cushion during any external supply disruptions. Our agreement with ADNOC builds on the rich history between our nations and opens new opportunities for further partnership and engagement between the UAE and India, one of the world's fastest growing economies."
ISPRL has built and will operate three crude oil storage facilities, constructed in underground rock caverns located on the east and west coasts of India. Crude oil from these caverns can be supplied to Indian refineries, either through pipelines, or through a combination of pipelines and ships. While part of the stored oil can be used for commercial purposes by ADNOC, the major part will be reserved for strategic purposes.
Indian energy demand is forecast, by the International Energy Agency (IEA), to grow by more than any other country in the period to 2040, propelled by an economy that will grow to more than five times its current size and by population growth that will make it the world's most populous country. Indian energy consumption is expected to more than double by 2040, accounting for 25% of the rise in global energy, and the largest absolute growth in oil consumption.
India is 82% dependent on imports to meet its crude oil needs, eight percent of which is supplied by the UAE. In addition to helping to ensure energy security, the oil storage facilities enable ADNOC to efficiently and competitively meet market demand across Asia.
-----
Earlier:
INDIA:
|
|
|
UAE:
|
2018, May, 18, 09:00:00
INDIA'S OIL IMPORTS UP 2.5%REUTERS - India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping...
|
2018, April, 2, 09:25:00
LONG-TERM OPEC COOPERATIONSHANA - Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia... |
||
2018, May, 16, 12:15:00
INDIA'S OIL DEMAND UP 4.5%BLOOMBERG - India’s oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and...
|
2018, February, 16, 23:20:00
ADNOC INVESTMENT $109 BLNAOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV...
|
||
2018, May, 10, 13:15:00
INDIA'S OIL RISKBLOOMBERG - India sees a greater probability of global crude oil prices remaining high for a longer period, a scenario that threatens to dent growth and...
|
2018, February, 12, 07:15:00
UAE - INDIA'S CONCESSION: $600 MLNREUTERS - A consortium led by India’s Oil and Natural Gas Corp (ONGC) (ONGC.NS) has become the first group to win a stake in Abu Dhabi National..
|
||
2018, April, 23, 14:35:00
INDIA'S OIL DEMAND UPPLATTS - India ended the first quarter of 2018 with robust oil products demand growth of 8.5%, the fastest quarterly growth since Q3 2016, as a renewed push... |
2017, November, 15, 15:05:00
UAE CUTS OUTPUTOPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding... |
||
2018, April, 11, 13:30:00
INDIA WANTS $50BLOOMBERG - “We are a very price-sensitive consumer,’’ Pradhan said on Tuesday. “From Indian consumers’ point of view, I will be more than happy...
|
2017, July, 17, 13:45:00
UAE IS BETTER FOR IMFThe economy is weathering the post-2014 oil shock well. The key policy goal is to foster economic adjustment to the new oil market realities.
|
||
2018, April, 2, 09:10:00
INDIA'S OIL INVESTMENT: $22 BLNREUTERS - Indian Oil Corp plans to invest 1.43 trillion rupees ($22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to...
|
2017, March, 10, 18:50:00
UAE CUTS OIL PRODUCTION 139,000 BPDThe United Arab Emirates (UAE) will comply fully with its OPEC commitment to reduce oil production by more than 139,000 barrels per day (bpd) in March and April, |
||
2018, February, 7, 07:55:00
INTEGRATED INDIAN OILPLATTS - "The integrated entity will have the capacity to neutralize the impact of volatility in global crude oil prices," said oil minister Dharmendra Pradhan. |
2016, October, 20, 18:30:00
THE NEW TIMES OF UAEAn oasis of calm in a hot region, the UAE is at once a critical geo-market and the ideal gateway to the most important oil and gas region in the world. |