Abu Dhabi: It is too early to predict the impact of United States sanctions on India's import of Iranian oil, union petroleum and natural gas minister Dharmendra Pradhan said today.
Abu Dhabi National Oil Company (Adnoc) has unveiled plans to invest Dh165 billion ($45 billion) alongside partners, over the next five years, to become a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of Adnoc, its partners and the UAE. We generally import oil from the UAE, but this is the first time the UAE has made a decision to store six million barrels of oil in strategic storage. Indian Ambassador to the UAE Navdeep Singh Suri was also present. The strategic reserve will provide a boost to India's energy security and help us deal with supply side disruptions.
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Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC's Chief Executive Sultan al-Jaber told Reuters on Saturday.
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan is leading an official delegation to the UAE from May 12 to 14.
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Aramco, known officially as Saudi Arabian Oil Co., signed a memorandum of understanding last month to join the proposed Ratnagiri refinery and possibly take a 50 percent stake in the project.
Adnoc Chief Executive Officer Sultan Al Jaber said in a separate TV interview that "the Indian opportunity is one of many opportunities that is now being explored". The U.A.E.is already a major exporter of crude oil to India, Pradhan said. Through a combined programme of strategic partnerships and investment, ADNOC will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate In-Country Value creation, private sector growth and employment, and is likely to add more than 15,000 jobs by 2025 and contribute an additional one per cent to the GDP per year. "I appeal all the stakeholders in this energy business to come and invest in India", added Pradhan.
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