Business

Modi govt providing energy justice to all: oil minister Dharmendra Pradhan

Modi govt providing energy justice to all: oil minister Dharmendra Pradhan

Abu Dhabi [U.A.E.], May 13: Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday called United Arab Emirates (UAE) a reliable partner of India while appealing to all the stakeholders of Downstream Investment Forum to invest in India.

The Abu Dhabi National Oil Company (Adnoc) will invest Dh165 billion ($45bn) in partnership with global energy companies over the next five years to develop the world's largest integrated refining and petrochemicals facility in Ruwais, in Al Dhafra.

Pradhan will lead an official delegation to the UAE from May 12 to 14, the statement added.

Indian Strategic Petroleum Reserves Ltd (ISPRL) has an agreement with ADNOC under which ADNOC will store around 5.86 million barrels of crude oil in India's Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.

U.S. President Donald Trump on Tuesday reneged on an worldwide nuclear accord with Iran and announced renewed sanctions against the OPEC member.

Yesterday, Pradhan and UAE Minister of State and ADNOC Group CEO Dr. Sultan Al Jaber flagged off the first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern.

Like state-run Aramco, the world's biggest oil exporter, Adnoc is seeking to strengthen ties with refineries in Asia to lock up market share in the region driving growth in global oil demand.

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Minister Pradhan also invited UAE companies to participate as preferred partners in the entire hydrocarbon value chain of India.

India will be counting on the financial support of Saudi Aramco and Emirati Adnoc for its planned US$44-billion Ratnarigi refinery and petrochemicals project, the country's oil minister told Bloomberg in an interview.

With India's energy demand expected to grow at 4.2% over the next 25 years, energy majors are scouting for opportunities here.

Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world's largest and most advanced integrated refining and petrochemicals complex, increasing the range and volume of its high-value downstream products, securing better access to growth markets around the world, and creating a manufacturing ecosystem in Ruwais. However, the agreement allows ADNOC to sell part of the crude oil to Indian refineries on a commercial basis while adhering to mutually agreed minimum crude storage, which is for the exclusive use of the Indian government.

India-UAE ties moved into a new trajectory with the August 2015 visit to Abu Dhabi by Prime Minister Narendra Modi.

The refinery, which is now 50-percent owned by Indian Oil Corporation, and by Bharat Petroleum and Hindustan Petroleum with 25 percent each should be completed by 2022 and will have a daily throughput capacity of 300,000 bpd of crude.

"The strategic reserve will provide a boost to India's energy security and help us deal with supply side disruptions".


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