India, UAE will be signing two new agreement on oil storage

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Abu Dhabi: India and the UAE are expected to sign two key agreements shortly, with several others to follow, the Indian Ambassador to the UAE said in Abu Dhabi on Wednesday.

The two agreements likely to be signed in the coming days are a comprehensive strategic partnership that lists various sectors of cooperation between the two countries and an agreement related to oil storage in India’s strategic petroleum reserves.

“We expect to sign the agreement on the strategic petroleum reserves soon. The draft has been prepared and only tax matters have to be cleared,” T.P. Seetharam, Indian Ambassador to the UAE, told reporters at a press conference in Abu Dhabi.

A broader agreement called comprehensive strategic partnership agreement that would encompass many other agreements is also expected to be signed shortly, he added.

Under the strategic petroleum services agreement, Abu Dhabi National Oil Company (Adnoc) is keen on taking storage at the Mangalore facility on the west coast of India. Adnoc plans to stock 0.75 million tonnes or six million barrels of oil at the facility, giving two- thirds of that to India.

More Info : GulfNews

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