Monday, April 19, 2021

UAE Wants Active Participation in India’s Refining Cum Petrochemical Projects

The UAE is looking to enter inside India’s refining cum petrochemical projects and also store crude oil in India. One of the leading producers of oil, UAE wants to invest in the Indian market to secure its reserves amid flying oil demand.

Rising Oil Prices in India – Delhi Warns OPEC Nations to Control Prices

The United Arab Emirates Abu Dhabi National Oil Co along with Saudi Aramco collectively own a 50 per cent stake in the refinery-cum-petrochemical project worth US 44 billion dollars in Maharashtra. The remaining 50 per cent stake is held by state-owned Indian Oil Corp, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd.

Sultan Ahmed Al Jaber, UAE Minister and CEO of the ADNOC said: “We are looking at expanding investment portfolio in the downstream sectors (particularly) oil refining and petrochemicals.” During Petrotech Conference, UAE Minister of State emphasised saying, “India is not only an important market for us. India is a very strategic partner.”

The Aramco and ADNOC, leading producers are looking for expansion in the Indian market. Kuwait will invest in the projects for getting a guaranteed share of crude oil. The UAE is focused on boosting investments in India. Last year, India also approved an agreement to lend a portion of Oil Storage plant in Karnataka to ADNOC. ADNOC also approved a deal to supply half of the 1.5 MT oil to Mangalore storage plant.

More News at EurAsian Times

Featured News

How QUAD Allies India & Japan Are Making Andaman Islands A Key Military Hub To Checkmate China

India and Japan which are part of the QUAD block seem to have joined hands in the Indian Ocean region. India's strategically-located Andaman &...

As MiG-35 Gets Neural Links, IAF Pilot Says India Must Prioritize ‘Capabilities Over Platform’

Russia’s MiG Corporation is developing smart target recognition systems based on neural networks for MiG series aircraft, especially the 4++ generation MiG-35 fighter, the...

Northern Sea Route: Can Russia’s Arctic Game-Plan Outdo US’ Strategy In The Indo-Pacific?

**Russia defines the Northern Sea Route as a shipping lane from the Kara Sea to the Pacific Ocean, specifically running along the Russian Arctic...

US’ F-35 Stealth Jets Not A Great Choice For Clash With China — Top USAF Official

A senior US Air Force officer has questioned the utility of the American F-35A stealth fighters against the adversary in a hypothetical US military...

China To Conduct Most Rapid Expansion Of Nuclear Weapons & Delivery Mechanism Ever — US Report

China will continue its efforts to spread its influence, undercut that of the United States, drive wedges between Washington and its allies and partners,...