Modi’s UAE visit: India secures 30 million barrels of crude oil to boost strategic reserves

NEW DELHI/ABU DHABI: In a significant move to strengthen national energy security, Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan signed a landmark agreement during their meeting in Abu Dhabi. Under this pact, the Abu Dhabi National Oil Company (ADNOC) will supply 30 million barrels of crude oil to India’s strategic petroleum reserves.

The deal addresses a critical vulnerability for India, as the lack of sufficient petroleum reserves proportional to domestic consumption has become a challenge amid the ongoing West Asian crisis. This agreement is expected to provide a much-needed buffer for the nation's energy needs.

A formal agreement was also signed between Indian Strategic Petroleum Reserves Limited (ISPRL) and ADNOC to establish gas reserves. The crude oil will primarily be stored at the Visakhapatnam facility, and there are plans to upgrade the storage plants in Chandikhole, Odisha. Additionally, India will gain access to store crude oil at Fujairah in the UAE, along with participation in LNG and LPG storage facilities within the Emirates.

Abu Dhabi is the first stop in the Prime Minister's five-nation tour, which includes the Netherlands, Sweden, Norway, and Italy. On Monday, PM Modi will participate in the third India-Nordic Summit in Norway.

Ship repair cluster at Vadinar

In another major development, Cochin Shipyard Limited and Drydocks World signed a Memorandum of Understanding (MoU) to establish a ship repair cluster at Vadinar, Gujarat. Developed under the Maritime Development Fund, this project will feature offshore fabrication and other advanced maritime services.