Abu Dhabi's Adnoc seeks stronger energy ties

The Abu Dhabi energy conglomerate is the only overseas company so far that has crude stored in Indian caverns

  
An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018.

An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018.

REUTERS/Christopher Pike

UAE - Abu Dhabi National Oil Company (Adnoc) on Wednesday called for enhanced energy partnership with India, particularly across the downstream portfolio.

Dr Sultan bin Ahmad Al Jaber, UAE Minister of Industry and Advanced Technology and Group CEO of Adnoc, said he looks forward to exploring partnerships with even more Indian companies across the energy giant’s hydrocarbon value chain. The UAE oil major also wants to expand the commercial scale and scope of this strategic reserves partnership.

Speaking at a virtual interactive meeting of oil and gas CEOs with Indian Prime Minister Narenda Modi on the sidelines of the India Energy Forum, the UAE minister said Adnoc is interested in storing more oil in India’s strategic petroleum reserves to boost energy ties with the world’s third-largest oil consumer. The interactive session was preceded by an inaugural address by Modi and opening remarks by Dharmendra Pradhan, Indian Minister of Petroleum and Natural Gas.

The Abu Dhabi energy conglomerate is the only overseas company so far that has crude stored in Indian caverns. To incentivise the storage, India has already permitted Adnoc to export oil from the reserves if there is no domestic demand for it.

Under the present arrangement, Adnoc is storing crude at two of India’s strategic reserves at Padur and Mangaluru in Karnataka.

Stressing the close and deep-rooted economic ties between the UAE and India, the minister said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners. The strategic ties between both countries have strengthened in recent years, particularly in the field of energy, he added.

“Today, Indian companies represent some of Abu Dhabi’s key concession and exploration partners. As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain,” he said.

Dr Al Jaber urged Indian companies to invest in the country’s downstream sector where Adnoc is investing close to $45 billion along with partners.

Other speakers include Prince Abdulaziz bin Salman, Saudi Minister of Energy; Dab Brouillette, US Secretary of Energy, Patrick Pouyanné, chairman and CEO of Total; Bernard Looney, CEO of BP; Mohammad Barkindo, secretary-general of Opec; Lorenzo Simonelli, chairman and CEO of Baker Hughes; Tengku Muhammad Taufik, president and group CEO of Petronas; Daniel Yergin, vice-chairman of IHS Markit; and Amitabh Kant, CEO of Niti Aayog.

 

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