India, UAE sign pact on long-term LNG supply
India and the UAE today signed several agreements in the energy sector, including one on long-term supply of LNG.
The pacts were inked after a meeting between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khalid Zayed Al Nahyan here.
Randhir Jaiswal, spokesperson, Ministry of External Affairs (MEA), said PM Modi and Crown Prince Al Nahyan discussed multifaceted relations between India and the UAE with an aim to broaden the comprehensive strategic partnership.
The pact on the LNG supply was signed by Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation (IOC). Under it, one million metric tonne per annum of LNG will be supplied to the IOC. Petroleum Minister Hardeep Singh Puri said, “The LNG supply agreement will provide India with a reliable source of energy, ensuring stability in our energy markets.”
ADNOC and India Strategic Petroleum Reserve Limited signed an MoU regarding India’s strategic petroleum reserves. The deal ensures that India can access emergency crude supplies, enhancing the ability to mitigate global oil supply shocks.
ADNOC and Urja Bharat inked a production concession agreement for Abu Dhabi onshore block-1. The contract provides India access to UAE’s hydrocarbon resources. Deepening cooperation in nuclear energy, the Emirates Nuclear Energy Corporation and the Nuclear Power Corporation of India Limited agreed on operation and maintenance of the Barakah Nuclear Power Plant in the UAE.
The MEA said: “The agreement reflects the deepening cooperation between India and the UAE in critical energy sectors.”
The Crown Prince is accompanied by top ministers from the UAE as well as a business delegation. He is scheduled to meet captains of the Indian industry in Mumbai on Tuesday. The bilateral trade between the two countries in 2022-23 was about $85 billion, according to official data. It is expected to touch $100 billion in the next five years.
