UAE's Adnoc to store crude in India's strategic facility; to give two-third of oil for free

[Lord ZeN]

India needs to step up construction for oil reserves in a big way, now is time to fill those strategic reserves. Currently India has about 10 days worth of oil for nation but I'd like to see India have minimum 3-4 months supply.

Yes we need to at-least double our oil reserves within 5-6 years.

 

[That Guy]

Buddy have you been to dubai?

The amount of prostitutes and things that go on undercover is shocking, organised crime ie black money and the likes all takes place there. Compared to KSA yes it is more liberal in arab standards.

You think these arab sheiks are clean as a whistle? Lol get a invite to one of their parties it would be on par with playboy mansion full of cocaine and east european whores.

KSA gave pakistan $1bn to shore up their reserves, but when the arabs came calling the Pakistanis said NO and the shieks got pissed off lol now they will come and kill 5000 birds instead of 500 lol

Reread your comment, really look at it. Are you really comparing what happens underground to what is official policy?

Your sense of logic is poor at best.

UAE does not 'give' India billions of dollars. It invests them - and makes a profit. Its a commercial decision - just like how a large number of countries across the globe invest tens of billions of dollars in India each year. The reason is that India offers a balance between a stability(of economy) and return of investment.

This is unlike Pakistan where money is 'given' or 'gifted' to Pakistan to use as they please. An example would be the very recent 'gift' by KSA to Pakistan govt of over $1 billion to shore up its foreign exchange reserves. Neither do we get that, nor is it required.

A fundamental mistake Pakistanis make is that they assume India is like Pakistan, that money is 'given' and the only reason why its done is for 'geopolitical reasons'.

The fundamental mistake you're making is assuming Pakistan is gifted money. The money is to buy influence, so don't assume Pakistan is getting free money, which never even reaches the common man.

The investment to India came right after Pakistan refused to help them fight their war, it has nothing to do with economic stability, and ROI, its to try and punish Pakistan.

 

[Tshering22]

Good to see Modi hugging a real Arab this time

What do you mean real Arab this time?

 

[Audio]

The child like obsession that people from the subcontinent share when notionally just good news is coming in is amazing. Frenzied collective masturbation, "we will do this, we will do that, we will do that with this"


How could you for one minute believe Arabs will go with you against Muslims? The deals are merely an insurance policy for their kingdoms, investments, that will yield return so when the oil riches run out the population won't revolt.

When push comes to shove, UAE will march with KSA and you will be the fools believing this time it was "strategic".

 

[Scavenger]

The fundamental mistake you're making is assuming Pakistan is gifted money. The money is to buy influence, so don't assume Pakistan is getting free money, which never even reaches the common man.

The investment to India came right after Pakistan refused to help them fight their war, it has nothing to do with economic stability, and ROI, its to try and punish Pakistan.

Pakistan Govt is given the money, how GoP choses to use that money is upto them - whether taken to private pockets or public good is upto Pakistan and its elected officials or loved dictators.

For example, when Pakistan was 'gifted' over a billion dollars by KSA to shore up its forex - something like that would never be done by KSA for India.

The investment by UAE in India is already billions of dollars. Of the money UAE pledged to further invest in India - ie after Pakistan refused the Arabs and UAE threatened Pakistan, not a single penny has been invested yet.

Do you know the annual foreign investment that comes to India in one year? Google, you might be pleasantly (or maybe not) surprised.

You are free to assume that Pakistan is the center of attention in the world, that maybe everyone from Saudi Arabia to Iran to Norway to Singapore to US all invest in India to try and punish Pakistan.

 

[That Guy]

Pakistan Govt is given the money, how GoP choses to use that money is upto them - whether taken to private pockets or public good is upto Pakistan and its elected officials or loved dictators.

For example, when Pakistan was 'gifted' over a billion dollars by KSA to shore up its forex - something like that would never be done by KSA for India.

The investment by UAE in India is already billions of dollars. Of the money UAE pledged to further invest in India - ie after Pakistan refused the Arabs and UAE threatened Pakistan, not a single penny has been invested yet.

Do you know the annual foreign investment that comes to India in one year? Google, you might be pleasantly (or maybe not) surprised.

You are free to assume that Pakistan is the center of attention in the world, that maybe everyone from Saudi Arabia to Iran to Norway to Singapore to US all invest in India to try and punish Pakistan.

Far from it, my point has always been that the Arabs don't care about Pakistan, and that Pakistanis should stop self aggrandizing their own positions in the Muslim world.

Investments don't just happen as soon as they're announced, it takes a while to find areas where the money is to be spent, feasibility studies, planning...etc. The UAE announcement came as a surprise to everyone, which means that it was likely a last minute decision (last minute being a relative term). As such, both sides are still on the planning stage, before the money flows to India.

Just an fyi, its not so much the money or amount, its the timing and purpose behind the very public and vocal announcement that ticks me off.

 

[RISING SUN]

Indian cabinet approves deal with ADNOC for strategic oil storage
India has approved a deal for Abu Dhabi National Oil Co (ADNOC) to fill part of a strategic oil storage facility, the government said on Monday.

India imports most of its oil needs and ADNOC will supply about 6 million barrels of oil to the facility in Mangalore in southern India. Part of the supplies will be for commercial use while most will be kept for strategic purposes, a government statement said.

India signed a deal with ADNOC in January to lease part of its Mangalore storage.

The government said it was ADNOC's first major investment in India's energy sector and would "augment India's energy security".

ADNOC will begin supplying the oil in the last quarter of this year, a government official told Reuters in January, and is expected to deliver Murban grade.

It is building emergency storage in underground caverns to hold 36.87 million barrels of crude, or about 10 days of its average daily oil demand in 2016.
http://timesofindia.indiatimes.com/...oil-storage/articleshow/57501984.cms?from=mdr

 

[Hindustani78]

Ministry of Petroleum & Natural Gas
21-May, 2018 18:00 IST
India receives the 1st cargo of ADNOC crude oil for its Mangalore Startegic Petroleum Reserve

In a first, today, India received the 1st cargo of UAE crude oil for filling up one of the two Strategic Petroleum Reserve (SPR) caverns built by Indian Strategic Petroleum Reserve Ltd (ISPRL) at Mangalore. Earlier, on 12th May, Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship and H.E. Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO from Abu Dhabi jointly initiated the filling of the crude oil carrier vessel MT Inspiration with 2 million barrels of crude oil belonging to Abu Dhabi National Oil Company (ADNOC) of UAE.

In February 2018, during the visit of Prime Minister Narendra Modi to UAE, ISPRL and ADNOC signed an Agreement under which ADNOC will store about 5.86 million barrels of crude oil in India’s SPR facility at Mangalore at its own cost. The filling up began with the 2 million barrels reaching Mangalore today. ADNOC will bring additional crude oil and fill up the Mangalore cavern later this year.

ADNOC’s investment by way of crude oil in Indian SPR facility is the first time that a private foreign entity, is filling up an Indian SPR cavern with crude oil. Government of India under phase I of SPR programme has built crude oil storage facilities with total capacity of 5.33 million tonnes (around 39 million barrels) at three locations viz. Vishakhapatnam, Mangalore and Padur. Vishakhapatnam storage has a capacity of 1.33 million tonnes (around 9.77 million barrels) of crude oil, Mangalore has a capacity of 1.5 million tonnes (around 11 million barrels) and Padur can stock 2.5 million tonnes (18.37 million barrels). The entire Vishakhapatnam facility and one of the two caverns at Mangalore facility have been filled with crude oil under government funding, the second cavern at Mangalore facility is now beeing filled by ADNOC of UAE at its own cost under the Agreement with ISPRL. The Agreement stipulates that during an emergency oil shortage situation the Indian government can use the entire available crude oil stored by ADNOC in the Mangalore SPR facility for its use. Further, as an incentive for storing crude oil at its own cost, the Agreement allows ADNOC to sell part of the crude oil to Indian refineries during normal times.

The historic first cargo from UAE for filling up India’s SPR facility demonstrates the commitment of both India and UAE in executing strategically important agreements in a time bound manner, thereby, further strengthening the strategic relationship between the two countries, particulary in the oil and gas sector. It is a culmination of the vision of the leaders, HRH the Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Modi to elevate the bilateral relationship to a comprehensive strategic partnership and transform the buyer-seller relations to a two-way investment relations.

UAE is the 6th largest crude oil source for India and supplies around 6 % of the petroleum requirement. With the recent acquisition of 10% stake in UAE’s Lower Zakhum offshore producing field by Indian public sector oil and gas companies and the investment by ADNOC in Indian SPR facility, the hydrocarbon sector engagements between India and UAE have transformed from buyer-seller relationship to strategic partners in the energy sector.

*****

 

[Hindustani78]

Prime Minister's Office
25-June, 2018 20:53 IST
Minister of Foreign Affairs & International Cooperation of the UAE calls on PM

HH Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs & International Cooperation of the UAE called on Prime Minister Shri Narendra Modi today.

He conveyed to Prime Minister Modi, greetings from Crown Prince of Abu Dhabi. The Prime Minister warmly reciprocated the good wishes.

The two dignitaries touched upon a range of bilateral cooperation including in trade and investment, defence and people-to-people ties. The Minister noted the growing interest in UAE for investment in India in sectors such as energy, housing, food processing and infrastructure. PM expressed appreciation for ADNOC’s decision to invest in the upcoming US$ 44 billion 60 MMTPA greenfield mega refinery and petrochemicals complex in India and welcomed the signing of an MoU in this regard earlier today.

The Minister noted the contribution of the Indian community in UAE to the Country’s economy and well-being.



***

The Minister of Foreign Affairs of UAE, Sheikh Abdullah bin Zayed Al Nahyan calling on the Prime Minister, Shri Narendra Modi, in New Delhi on June 25, 2018.

The Minister of Foreign Affairs of UAE, Sheikh Abdullah bin Zayed Al Nahyan calling on the Prime Minister, Shri Narendra Modi, in New Delhi on June 25, 2018.

The Minister of Foreign Affairs of UAE, Sheikh Abdullah bin Zayed Al Nahyan calling on the Prime Minister, Shri Narendra Modi, in New Delhi on June 25, 2018.

The Minister of State of UAE & CEO Abu Dhabi National Oil Company (ADNOC) Group, Dr. Sultan Ahmed Al Jaber meeting the Union Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan, in New Delhi on June 25, 2018.

The Union Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan in a meeting with the Minister of State of UAE & CEO Abu Dhabi National Oil Company (ADNOC) Group, Dr. Sultan Ahmed Al Jaber, in New Delhi on June 25, 2018.

The Union Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan in a meeting with the Minister of State of UAE & CEO Abu Dhabi National Oil Company (ADNOC) Group, Dr. Sultan Ahmed Al Jaber, in New Delhi on June 25, 2018.

Ministry of Commerce & Industry
25-June, 2018 17:59 IST
Livestock export from Nagpur to begin this month

On June 30, 2018, livestock of sheep and goat will be exported for the first time to Sharjah from Nagpur . Around 1 lakh sheep and goat will be exported over a period of three months from the Nagpur . This project is taking off due to the joint efforts of Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), Air India, Agriculture Ministry and Commerce Ministry. The export of livestock will benefit farmers of the Vidarbha region which is witnessing farmer’s suicides and in order to explore new avenues to improve farmer’s income this project has been undertaken.

Shepherd's and farmers of the region will greatly benefit from this and may consider Sheep and Goat rearing as a side business along with farming. When there is drought or when the farmer is in need of money he will be able to sell the sheep and goat. Women too can take this up as a business and make it a source of earning.

On 30th June 2018, Chief Minister of Maharashtra, Devendra Fadnavis, Union Minister of Road Transport & Highways, Nitin Gadkari and Union Minister of Industry & Commerce, Suresh Prabhu will be present when the first batch of livestock for export leaves from Nagpur.

***

Ministry of Petroleum & Natural Gas
25-June, 2018 13:10 IST
Remarks by Petroleum Minister Dharmendra Pradhan at signing ceremony

Friends,


You just witnessed the signing of an MoU between Saudi ARAMCO and ADNOC for participating in the greenfield Ratnagiri Refinery cum petrochemical project in Maharashtra. It is an honour for us that the signing took place in the presence of His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, Minister of Foreign Affairs and International Cooperation of the UAE.


Today’s MoU is in continuation of the MoU entered between Saudi ARAMCO and RRPCL and the three oil marketing companies – IOCL, BPCL and HPCL signed in April on the sidelines of the16th International Energy Forum Ministerial Meeting in the presence of my colleague Minister and friend H.E. Khalid Al Falih. Today we have been joined by ADNOC as another partner in this mega project.


The investment by Saudi ARAMCO and ADNOC in the $ 44 billion project will be the highest ever overseas investment in the Indian refining sector. The significance, however, goes much beyond FDI. It is a strategic partnership between India, Saudi Arabia and the UAE which is symbolised by the MoU. The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.

The last four years have seen the three countries coming closer than ever before owing to the commitment and vision shown by our leadership. Prime Minister Modi and the leaders of Saudi Arabia and the UAE have met multiple times to strengthen the political, economic and strategic relations and people to people contacts.

Saudi Arabia has always been a trusted and reliable suppplier of crude for India and a key element of India’s energy security. I have received this assurance from my colleague minister, H.E. Khalid Al Falih, several times including during our last meeting at Vienna last week on the margins of the OPEC International Seminar. With the UAE too we have investment in India’s strategic reserves programme. The first crude consignment to fill the Mangalore SPR was received last month. Our companies – IOCL, OVL and BPRL have invested in Lower Zakhum offshore oil field in February this year and I am happy that the first crude consignment from this investment also reached Mangalore on June 8.

Regarding the Ratnagiri Refinery, I wish to inform you that the mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 Million Metric Tonnes Per Annum). It will produce a large range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products.

We look forward to usering a new era of cooperation between India, Saudi Arabia and the UAE in the oil andgas sector.

*****


Ministry of Petroleum & Natural Gas
25-June, 2018 12:41 IST
Saudi ARAMCO and ADNOC sign MoU for participating in the Ratnagiri Refinery project in Maharashtra

Saudi Aramco and ADNOC signed an MoU today to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra. The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL).

The MoU was signed between Saudi Aramco President and CEO, Amin H. Nasser and H.E.Dr. Sultan Ahmed Al Jaber, UAE Minister of State & ADNOC Group CEO. The signing was witnessed by His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation,who is on an official visit to India, and Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship, Government of India.

Earlier, Saudi Aramco had joined the project by signing an MoU with the Indian consortium on 11th April 2018 on the sidelines of the16 International Energy Forum Ministerial. Saudi Aramco also sought to include another strategic partner to co-invest in the project as an overseas investor.

RRPCL which is promoted by a consortium of India PSUs consisting of IOCL, BPCL and HPCLwill now have Saudi Aramco & ADNOC as overseas strategic partners. The project will be set up as a 50:50 joint partnership (50:50) between the consortium from India and Saudi Aramco and ADNOC. This will be single largest overseas investment in the Indian refining sector.

The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.

The mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum). It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products.

RRPCL will rank among the world’s largest refining & petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around Rs.3 lakh crore (USD 44 billion).

Background on Ratnagiri Refinery & Petrochemicals Ltd.(RRPCL):


Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL), a JVC, was formed on 22nd September,2017 between IOCL,BPCL& HPCL with equity participation of 50:25:25 respectively. This is to implement a 60 MMTPA (1.2 MMBD) Integrated Refinery & Petrochemicals Project at Ranagiri, Maharashtra. The expected Petrochemical production is likely to be around 18 MMTPA. The estimated cost of the Project would be around Rs. 3,00,000 crores (around 44 billion dollars). |This would potentially be one of the largest Projects in the world. It is expected that it will contribute to a GDP improvement of around 2% Nationally and about 12% to the state of Maharashtra.

A preliminary Feasibility Study has been conducted by Ms. EIL which has also provided the basic technical configuration of the Project. Certain pre-project activities have also been initiated. A demand supply market study for petrochemicals has also been completed through M/s HIS Markit, a reputed global consultant. A further configuration study through an international consultant is being taken up shortly which will lead to carrying out the Detailed Feasibility Study for the Project culminating into a Final Investment Decision.



*****

 

[Hindustani78]

Ministry of Petroleum & Natural Gas
12-November, 2018 17:55 IST
ISPRL Signs Memorandum of Understanding with ADNOC to explore storage of Crude Oil at Padur Underground Facility in Karnataka

Announcement comes within days of final shipment of ADNOC crude to India’s Mangalore strategic storage facility

MoU provides a foundation to explore opportunities to strengthen and expand the strategic energy partnership between India and UAE

Indian Strategic Petroleum Reserves Ltd (ISPRL)signed today a Memorandum of Understanding (MoU) in Abu Dhabi with the Abu Dhabi National Oil Company (ADNOC) to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 million tonne capacity. Under the MoU, ADNOC is expected to store crude in compartments at Padur.

The MoU with ISPRL, an Indian government-owned company mandated to store crude oil for emergency needs, follows the arrival, on November 4, of the final shipment of the initial delivery of ADNOC crude to be stored in another ISPRL underground facility at Mangalore, also in Karnataka, which will store 5.86 million barrels of ADNOC crude oil.

The MoU was signed by Abdulla Salem Al Dhaheri, Director of Marketing, Sales and Trading at ADNOC and Mr. HPS Ahuja CEO & MD ISPRL on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). The signing was witnessed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Shri. Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development and Entrepreneurship, Government of India.

On the occasion, H.E. Dr Al Jaber said “India is an important oil market and this agreement underscores the strategic energy partnership between the UAE and India that leverages the UAE and ADNOC’s expertise and oil resources. It is our firm hope that we will be able to convert this framework agreement into a new mutually beneficial partnership that will create opportunities for ADNOC to increase deliveries of high quality crude oil to India's expanding energy market and helping India meet its growing energy demand and safeguard its energy security.”

ADNOC is the only foreign oil and gas company, so far, to invest by way of crude oil in India’s strategic petroleum reserves program.

Shri Dharmendra Pradhan said “This Memorandum of Understanding will allow ISPRL to explore, with ADNOC, opportunities related to the possible storage of ADNOC crude at Padur, which would help to significantly strengthen the country’s strategic petroleum reserves. This agreement reflects the strong bonds of cooperation between India and the UAE and provides a foundation for strengthening and expanding our strategic energy relationship.”

ISPRL has already built 5.33 million tonnes of underground storage capacity at three locations - Visakhapatnam (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes), that can meet around 9.5 days of the country’s oil needs as per consumption data of last financial year. The government of India, in June 2018,announced the creation of two new reserves, a 4 million tonnes storage facility at Chandikhol in the eastern state of Odisha and an additional 2.5 million-tonne facility at Padur.

The existing and newly announced strategic reserve facilities put together will provide around 21 days of emergency coverage for India’s crude oil requirements.

***

YB/SK

 

[kaykay]

While Indian refineries maintain 65 days of crude oil reserve, these facilities will can hold 21 days of reserve, totalling around 86 days of emergency reserve which is close to our target of 90 days. Just one more push and we can achieve that as well.