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India signs pact with UAE to build strategic oil reserves
TNN & Agencies | Updated: Jan 25, 2017, 05.07 PM IST
HIGHLIGHTS
PM Narendra Modi with Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed al-Nahyan
NEW DELHI: India on Wednesday signed 14 agreements with the United Arab Emirates, including a deal allowing the Gulf nation to fill the country's strategic storage facility in southern India.
India and UAE also decided to elevate the bilateral relationship to a Comprehensive Strategic Partnership.
India in 2014 began talks to lease part of its strategic storage to Abu Dhabi National Oil Co (ADNOC). Under such a deal, India would have first rights to the stored crude in case of an emergency, while ADNOC would be able to move cargoes to meet any shift in demand.
The deal was signed by oil minister Dharmendra Pradhan and a representative of ADNOC after a meeting between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan.
The UAE contributes significantly to India's energy security and was the fifth largest supplier of crude oil to India in 2015-16.
"Our energy partnership is an important bridge in our linkages. It contributes to our energy security," PM Modi said. The two sides had discussed ways to advance their energy ties through specific projects, he added.
"In this regard, long-term supply contracts and establishment of joint ventures in energy sectors can be beneficial," Modi said.
UAE an important partner in India's growth story: PM Modi
In a joint address to the media with visiting Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed Bin Zayed Al Nahyan following delegation-level talks, PM Modi said the United Arab Emirates was one of India's "most valued partners and a close friend in an important region of the world".
"We regard the UAE as an important partner in India's growth story," Modi said. "I particularly welcome the UAE's interest in investing in India's infrastructure sector."
Stating that work was on to connect the institutional investors of the UAE with India's National Investment and Infrastructure Fund, he said the Gulf nation "can benefit by linking with our growth in manufacturing and services".
"We can jointly tap abundant opportunities in our initiatives aimed at building digital economy, human capital and smart urbanization in India.
"We are also encouraging and facilitating business and industry of both countries to increase the quality and quantum bilateral trade."
Modi also called for growing engagement between the two countries to counter violence and extremism.
Stating that closer ties were of importance, he said: "They are also of significance to the entire neighbourhood. Our convergence can help stabilise the region. And, our economic partnership can be a source of regional and global prosperity."
Modi thanked the Crown Prince for allotting land for a temple in the UAE, which is home to around 2.6 million expatriate Indians.
Sheikh Mohamed, who arrived here on Tuesday on a three-day visit to India, will be the Chief Guest at India's Republic Day celebrations on Thursday.
http://timesofindia.indiatimes.com/...rategic-oil-reserves/articleshow/56779668.cms
TNN & Agencies | Updated: Jan 25, 2017, 05.07 PM IST
HIGHLIGHTS
- India has signed 14 agreements with the United Arab Emirates
- India and UAE have decided to elevate bilateral relationship to Comprehensive Strategic Partnership
- The UAE was the fifth largest supplier of crude oil to India in 2015-16
NEW DELHI: India on Wednesday signed 14 agreements with the United Arab Emirates, including a deal allowing the Gulf nation to fill the country's strategic storage facility in southern India.
India and UAE also decided to elevate the bilateral relationship to a Comprehensive Strategic Partnership.
India in 2014 began talks to lease part of its strategic storage to Abu Dhabi National Oil Co (ADNOC). Under such a deal, India would have first rights to the stored crude in case of an emergency, while ADNOC would be able to move cargoes to meet any shift in demand.
The deal was signed by oil minister Dharmendra Pradhan and a representative of ADNOC after a meeting between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan.
The UAE contributes significantly to India's energy security and was the fifth largest supplier of crude oil to India in 2015-16.
"Our energy partnership is an important bridge in our linkages. It contributes to our energy security," PM Modi said. The two sides had discussed ways to advance their energy ties through specific projects, he added.
"In this regard, long-term supply contracts and establishment of joint ventures in energy sectors can be beneficial," Modi said.
UAE an important partner in India's growth story: PM Modi
In a joint address to the media with visiting Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed Bin Zayed Al Nahyan following delegation-level talks, PM Modi said the United Arab Emirates was one of India's "most valued partners and a close friend in an important region of the world".
"We regard the UAE as an important partner in India's growth story," Modi said. "I particularly welcome the UAE's interest in investing in India's infrastructure sector."
Stating that work was on to connect the institutional investors of the UAE with India's National Investment and Infrastructure Fund, he said the Gulf nation "can benefit by linking with our growth in manufacturing and services".
"We can jointly tap abundant opportunities in our initiatives aimed at building digital economy, human capital and smart urbanization in India.
"We are also encouraging and facilitating business and industry of both countries to increase the quality and quantum bilateral trade."
Modi also called for growing engagement between the two countries to counter violence and extremism.
Stating that closer ties were of importance, he said: "They are also of significance to the entire neighbourhood. Our convergence can help stabilise the region. And, our economic partnership can be a source of regional and global prosperity."
Modi thanked the Crown Prince for allotting land for a temple in the UAE, which is home to around 2.6 million expatriate Indians.
Sheikh Mohamed, who arrived here on Tuesday on a three-day visit to India, will be the Chief Guest at India's Republic Day celebrations on Thursday.
http://timesofindia.indiatimes.com/...rategic-oil-reserves/articleshow/56779668.cms
..Business is business...You need to sea the reality as it is otherwise you will be in a state of illusion..This is simply a business deal.Nothing more nothing less
