Science

Pradhan to flag off first lot of Abu Dhabi crude for ISPRL

Pradhan to flag off first lot of Abu Dhabi crude for ISPRL

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday said that the United Arab Emirates (UAE) is the first country to invest in Indian Strategic Petroleum Reserves Limited (ISPRL) which will boost strategic relationship of both countries.

Abu Dhabi National Oil Company (Adnoc) will invest Dhs165 billion ($45bn) in downstream operations in partnership with global players over the next five years as the company looks to build the world's largest integrated refining and petrochemicals facility, with plans underway to create a manufacturing ecosystem at Ruwais.

The Union minister, who is on a three-day visit to the UAE, also said under the Prime Minister Narendra Modi's leadership, their endeavour has been to provide affordable, sustainable and clean cooking fuel, energy and electricity to all and that has also made India an attractive investment spot, especially in the energy sector. Under the agreement, ADNOC will store about 5.86 million barrels of crude oil in the cavern in Mangaluru at its own cost.

According to a 12 May Indian government statement the loading of the first crude consignment was witnessed by petroleum minister Dharmendra Pradhan who is now on a visit to the gulf nation.

Mazrouei declined to quantify OPEC's unused production capacity. Vishakhapatnam storage has a capacity of 1.33 million tonnes (9.77 million barrels) of crude oil, Mangalore has a capacity of 1.5 million tonnes (11 million barrels) and Padur can stock 2.5 million tonnes (18.37 million barrels).

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Earlier in the day, Pradhan called UAE a reliable partner of India while appealing to all the stakeholders of Downstream Investment Forum to invest in India. Adnoc wants to expand its presence, mainly in the downstream sector, in markets like India and China where demand for oil is rising.

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

The government producer is mulling over a joint investment in the $44 billion Indian Ratnagiri refinery - India is now the world's fastest growing oil market.

"Government of India can use the entire available crude oil stored by ADNOC in the Mangalore SPR facility during an emergency situation".

Earlier, Pradhan had said that under the leadership of Prime Minister Narendra Modi, India has made tremendous strides in providing energy justice to all. India's effort to secure supply for its refining industry led state-run Oil and Natural Gas Corp. and two other Indian companies in February to acquire a 10 percent stake in one of Abu Dhabi's biggest offshore oil concessions. "We are moving toward a more strategic relationship".


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