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Business EconomyPosted at: May 12 2018 8:18PM


UAE oil firm sends 2mn barrel crude oil to India

New Delhi, May 12 (UNI) First consignment of two million barrels of Abu Dhabi National Oil Company (ADNOC) crude for India’s Strategic Petroleum Reserve (SPR) facility at Mangalore was loaded on Saturday at UAE in presence of visiting Petroleum Minister Dharmendra Pradhan.
Mr Pradhan is visiting UAE to follow up on the February 2018 state visit of Prime Minister Narendra Modi. During the visit of PM, Indian Strategic Petroleum Reserves Ltd (ISPRL) had signed an agreement with ADNOC under which ADNOC will store about 5.86 million barrels of crude oil in India’s Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.
ISPRL has built around 39 million barrels of strategic crude oil storage at three locations located at Vishakhapatnam, Mangalore and Padur.
India can use the entire available crude oil stored by ADNOC in the Mangalore SPR facility during an emergency situation. The Agreement with ISPRL also allows ADNOC to sell part of the crude oil to Indian refineries on commercial basis while adhering to mutually agreed minimum crude storage which is for exclusive use of the Indian government, a Petroleum Ministry statement said.
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