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.
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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.
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