After Prime Minister Narendra Modi’s visit to Abu Dhabi, the Ministry of External Affairs on Friday (May 15) said that India and the United Arab Emirates (UAE) have agreed to further strengthen their energy partnership. Under this, UAE will store up to 3 crore (30 million) barrels of crude oil in India’s strategic petroleum reserves. The agreement was reached after extensive talks between Prime Minister Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan. The two leaders also stressed the importance of safe transit routes and unhindered navigation through the Strait of Hormuz amid rising regional tensions.
In a statement, the Ministry of External Affairs said the two leaders welcomed the strategic cooperation agreement between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company (ADNOC), under which the UAE’s participation in India’s strategic petroleum reserves will be increased to 30 million barrels.
Global crude oil supply is at risk due to ongoing disruptions in West Asia. In such a situation, this decision is expected to strengthen India’s energy security. Both countries have also agreed to work together to develop strategic gas reserves in India. Also, the separate arrangement for long-term LPG supply between Indian Oil Corporation and ADNOC has also been welcomed.
Describing the UAE as an important partner in India’s energy security, the Ministry of External Affairs said the two countries have agreed to take new steps for a comprehensive energy partnership encompassing crude oil, LNG and LPG supplies.
Apart from the energy sector, investments worth $5 billion by the UAE in India were announced during the visit in the banking, infrastructure and financial sectors. Along with this, new agreements were also made in areas like defence, maritime cooperation, shipbuilding and advanced computing.
Prime Minister Narendra Modi’s visit to Abu Dhabi came amid rising geopolitical tensions in West Asia and ongoing instability in the global energy market. According to the Ministry of External Affairs, there were detailed discussions between the two leaders, in which Prime Minister Modi reiterated India’s strong condemnation of the attacks on UAE and expressed solidarity with the leadership and people there.
India and the UAE stressed the need for regional stability, secure trade routes and stronger economic cooperation amid fears of disruption in vital sea routes such as the Strait of Hormuz due to regional conflict.
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