Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday said that the United Arab Emirates (UAE) is the first country to invest in Indian Strategic Petroleum Reserves Limited (ISPRL) which will boost strategic relationship of both countries.
He also said that the first cargo of crude oil from the Abu Dhabi National Oil Company (ADNOC), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL) has sailed. This is a part of Pradhan’s three day visit to the UAE.
With India building around 39 million barrels of strategic crude oil storage facility, the 5.86 million barrels supplied by state-run Abu Dhabi National Oil Company (ADNOC)—the only one to partner with India on its crude oil reserve programme till date, can be used during an emergency.
India’s strategic crude oil storages are located at Vizag (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes). US has also evinced interest to collaborate with India on its crude oil reserve programme as part of a strategic energy partnership that covers sectors such as oil and gas, power, renewable energy and coal.