UAE, a member of the Opec will invite Indian companies for upstream oil & gas investments in Abu Dhabi which will give India the chance to get involved in the in the oil rich region’s hydrocarbon sector. Sultan Ahmed Al Jaber, chief of Abu Dhabi National Oil Company (Adnoc) stated that the strategic partnership is expected to take a significant step with the deal to store crude oil in the strategic reserves of India.
He also stated that, they would like to invite oil companies in India to explore the opportunities of upstream oil & gas and downstream oil & gas in petrochemicals and refining available in Abu Dhabi. Sultan Ahmed Al Jaber was part of the UAE delegation that was present at the 68th Republic Day celebrations.
When it comes to upstream investments, India’s investments have primarily been in Russia’s or Sudan’s high risk regions with the assistance of bi-lateral agreements. This will be the first headway by India in its aim for oil-rich regions upstream projects.
The Adnoc chief stated that being one of the biggest consumers of energy in the world, the tie with India is of significant importance. He also stated that, India sits highly on their strategic economic and strategic partnerships relationships agenda and they would put in every effort to expand this relationship as well as develop new avenues for cooperation and partnerships. Speaking about his company’s investment plans in India, he stated that their approach would be a mix of different models. He also said that his company will add value not only through money but by bringing in technology, knowledge, expertise and access to market. Adnoc has also signed an agreement with Indian Strategic Petroleum Reserves Ltd for storage of 5.8 million barrels in the country.