India, UAE Ink Major LNG Pact During Crown Prince's Visit to New Delhi
During Abu Dhabi Crown Prince’s visit to India, India and the UAE signed key agreements on LNG supply, nuclear cooperation, and crude storage, strengthening their Comprehensive Strategic Partnership and expanding collaboration across energy sectors, minerals, and advanced technologies.
September 10, 2024. By EI News Network
The visit, which took place on September 9-10, witnessed several significant agreements, including a long-term LNG supply deal between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL) for 1 million metric tonnes per annum (MMTPA). This is the third such agreement in just over a year, following earlier deals with IOCL and GAIL for 1.2 MMTPA and 0.5 MMTPA, respectively. These agreements aim to enhance India’s energy security by diversifying its LNG supply sources.
In addition to the LNG deal, a Memorandum of Understanding (MoU) was signed between the Nuclear Power Corporation of India Limited (NPCIL) and the Emirates Nuclear Energy Corporation (ENEC) to advance nuclear power cooperation.
During his visit, the Crown Prince held bilateral discussions with Prime Minister Narendra Modi, where the leaders reviewed progress under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and identified new areas for cooperation, including critical minerals and advanced technologies. They also highlighted the recent implementation of the Bilateral Investment Treaty (BIT), which has further strengthened economic ties.
Another pivotal agreement was signed between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL) to explore expanded crude oil storage options in India. ADNOC has been storing crude at ISPRL's Mangalore Cavern since 2018, and the new MoU aims to extend and enhance this partnership.
A significant production concession agreement was also signed for Abu Dhabi Onshore Block 1 between Urja Bharat, a joint venture of IOCL and Bharat Petro Resources Ltd, and ADNOC. This marks the first such concession for an Indian company in the UAE, enabling crude oil exports to India and reinforcing its energy security.
During his visit, the Crown Prince also met with President Droupadi Murmu at Rashtrapati Bhavan, where they emphasized the strong and growing ties between India and the UAE. President Murmu expressed her appreciation for the UAE's hospitality toward over 3.5 million Indians residing in the country and recognized the expanding collaboration across various sectors.
The Crown Prince will continue his visit to Mumbai, where he will participate in the India-UAE Business Forum. The forum will focus on future business cooperation and include the soft launch of the India-UAE Virtual Trade Corridor and the MAITRI interface, initiatives expected to further enhance economic collaboration between the two countries.
please contact: contact@energetica-india.net.
Vimal Kumar
Co-Founder & CEO
IONAGE Tackles EV Charging Network Reliability with AI-Driven Solutions
Vikas Singh
General Manager-Global Business
Jinchen Machinery is Committed to Ensuring Consistent, High-Quality Manufacturing
Harendra Tomar
Leader- Business Development
Sungrow installed over 605 GW of power converters worldwide as of June 2024
Sunil Kumar
Director
At Giraffa, Our Goal is to Understand Customer Needs
Sunil Thamaran
Sr. VP and Managing Director-India
Enphase Energy Enhancing Solar Efficiency with its Million-Hour Tested Microinverters