Indian Cabinet approves oil storage and management deal between ISPRL and ADNOC of UAE

The Indian Cabinet, lead by Prime Minister Shri Narendra Modi, has approved an agreement between Indian Strategic Petroleum Reserve Ltd (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE covering oil storage and management.

ADNOC will fill up 0.81 MMT or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka. Out of the crude stored, some will be used for commercial purposes by ADNOC with the rest remaining stored.

A statement released by the Indian Government stated: ‘The investment by ADNOC is a major investment from UAE under the High Level Task Force on Investment (HLTFI) and the first investment by UAE in India in the energy sector.’

For more information visit www.adnoc.ae and www.isprlindia.com

20th March 2017