14 deals signed as UAE aims $75bn investments in India
NEW DELHI: The UAE and India signed 14 pacts, including defense and energy, as part of groundwork for a strategic partnership between the two countries.
The pacts were signed following a meeting between Sheikh Mohammad bin Zayed Al-Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, and Indian Prime Minister Narendra Modi in New Delhi on Wednesday.
The agreements aim at establishing cooperation in defense manufacturing and technology, research, innovation, and cooperation between public and private sector institutions of the two countries.
The two countries will also collaborate in armaments, defense industries and transfer of technology.
In a joint statement issued at the end of the state visit, the two leaders reviewed the progress in realizing the $75 billion target for UAE investments in India’s plans for rapid expansion of next generation infrastructure development, as reported by WAM.
The Abu Dhabi National Oil Company (ADNOC) and the Indian Strategic Petroleum Reserves Ltd. (ISPRL), agreed to establish a strategic crude oil storage in the southern Indian city of Mangalore.
ADNOC will store about 6 million barrels of oil at Mangalore, taking up about half of the site’s capacity, said Sunjay Sudhir, joint secretary for international cooperation at the Indian Oil Ministry.
The agreement with ISPRL, an Indian government-owned company mandated to store crude oil for emergency needs, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility.
Copies of the agreement were exchanged by Dr. Sultan Ahmed Al-Jaber, UAE Minister of State and ADNOC Group CEO, and India’s Petroleum Minister Dharmendra Pradhan, at a ceremony in New Delhi.
Dr. Al-Jaber said: “This agreement, championed by the leadership of both countries, introduces a new strategic energy partnership with India that leverages the UAE and ADNOC’s expertise and oil resources.
“This mutually beneficial partnership will create opportunities for ADNOC to increase its market share in delivering high quality crude to India’s expanding refining industry, while also helping India meet its growing energy demand and safeguard its security.
“India is an important energy market and this storage agreement reinforces ADNOC’s role as one of the world’s most trusted and reliable suppliers of oil. We will utilize the Mangalore facility to not only build on our existing business relationships across India but also to explore new downstream opportunities for ADNOC’s expanding range of refined and petrochemical products,” he added.
Pradhan said: “It is our hope that this strategic agreement will build on the strong bonds of cooperation between our two nations and provide the foundation for a mutually beneficial energy partnership.”
Source From: arabnews.com