Mon Sep 09 16:04:41 UTC 2024: ## India and UAE Strengthen Energy Ties with Multiple Agreements
During the Crown Prince of Abu Dhabi’s first official visit to India, several agreements were signed between Indian and Emirati companies, signifying a strengthening of energy ties between the two nations.
**Indian Oil Corporation (IOCL) inked a 15-year agreement with the Abu Dhabi National Oil Company (ADNOC) to secure a consistent supply of 1 million tonnes of liquefied natural gas (LNG) per year.** This marks the third long-term LNG supply agreement between Indian companies and ADNOC in just over a year, further diversifying India’s LNG sources and enhancing its energy security.
**An MoU was also signed between ADNOC and the India Strategic Petroleum Reserve (ISPRL) to explore potential collaborations for additional crude storage facilities in India.** This builds on the existing partnership between ADNOC and ISPRL, which has seen ADNOC manage crude storage at Mangalore since 2018.
**Finally, a Production Concession Agreement was signed between Urja Bharat, a joint venture of IOCL and Bharat Petro Resources, and ADNOC for Abu Dhabi Onshore Block 1.** This agreement represents the first instance of an Indian company operating in the UAE and will enable Urja Bharat to import crude oil to India, contributing further to the country’s energy security.
These agreements highlight the growing strategic partnership between India and the UAE, especially in the energy sector, and are expected to benefit both countries through increased collaboration and economic growth.
First Piper 