Union Petroleum and Natural Gas Minister Dharmendra Pradhan and UAE Minister of State & Abu Dhabi National Oil Company (ADNOC) Group CEO Dr. Sultan Al Jaber flagged off first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern on 12 May 2018.
During the day, Pradhan also held bilateral meeting with H.E. Dr. Jaber. Minister Pradhan was accompanied by Ambassador Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum. During the visit of PM, Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an agreeement with the ADNOC of UAE under which ADNOC will store about 5.86 million barrels of crude oil in India’s Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.
Both sides discussed on the ongoing cooperation in the hydrocarbon sector and explored ways to further enhance the engagement. They had detailed discussions on the Indian downstream sector and explored the various opportunities for participation of UAE companies in the mega petroleum sector infrastructure projects in India. Pradhan also invited UAE companies to participate as preferred partners in the entire hydrocarbon value chain of India.
The Petroleum and Natural Gas Minister also had an interactive session with over 250 Indian professionals, business leaders and community representatives working in the UAE. The event was organised by the Embassy of India in Abu Dhabi in collaboration with the Abu Dhabi Chapter of the Institute of Chartered Accountants of India (ICAI) and IBPG-Abu Dhabi.