Pradhan calls UAE 'reliable partner of India'

Pradhan calls UAE 'reliable partner of India'

Pradhan calls UAE 'reliable partner of India'

Abu Dhabi: It is too early to predict the impact of USA sanctions on India's import of Iranian oil, union petroleum and natural gas minister Dharmendra Pradhan said today.

The Abu Dhabi National Oil Company (ADNOC) signed a development agreement with Spain's Cepsa for a new linear alkylbenzene (LAB) facility in ADNOC's refining and petrochemicals complex in Ruwais, ADNOC announced on Monday. Abu Dhabi, which holds most of the United Arab Emirates' oil, already sells most of its crude to Asian nations. Also, there has been a rally in worldwide crude oil prices due to a combination of factors such as Opec and Russian Federation cutting supplies, falling production in Venezuela and geopolitical tensions.

ISPRL has built 5.33 million tonnes (around 39 million barrels) of strategic crude oil storage at three locations located at Vishakhapatnam, Mangalore and Padur.

Like state-run Aramco, the world's biggest oil exporter, Adnoc is seeking to strengthen ties with refineries in Asia to lock up market share in the region driving growth in global oil demand.

The announcement was made on Sunday at the ADNOC Downstream Investment Forum, in Abu Dhabi, UAE. "We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners", the minister added.

The company is also looking at different options for its ADNOC Refining subsidiary, including bringing on strategic partners but an initial public offering (IPO) for the unit is not on the "radar screen at this point in time", al-Jaber said.

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India's oil minister on Saturday expressed concern about the rise in oil prices but said it was too early to predict the impact of U.S. sanctions on his country's imports of Iranian oil after Washington withdrew from the Iran nuclear deal.

More specifically, part of this unprecedented investment involves a major expansion of its Ruwais Industrial Complex, creating what would be the world's largest and most advanced refining and petrochemicals facility.

India's state-owned refiners Indian Oil Corp.

India-UAE Relations have zoomed to the highest possible level under Indian PM Narendra Modi. One of the key outcomes of that visit, the first by an Indian prime minister in 34 years, was the two sides agreeing to the setting up of a multi-billion dollar fund to tap into investment opportunities in India's infrastructure sector.

Earlier on Saturday, India's oil minister told Reuters that there was a consensus between Saudi Aramco, ADNOC and Indian companies to firm a joint venture for India's Ratnagiri oil refinery.

Adding to this, the strategy is expected to add more than 15,000 jobs and contribute an additional 1% to GDP per year.

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