Abu Dhabi strikes Indian oil storage deal

Abu Dhabi National Oil Company (Adnoc) has signed a deal with the Indian Strategic Petroleum Reserves Ltd (ISPRL) to store oil in the state of Karnataka. The deal involves Adnoc leasing a part of the Padur gas storage facility in the southern Indian state. The facility can store 17 million barrels of oil in its four compartments. Under the deal, Adnoc could store crude in two compartments. Dr Sultan Ahmed Al Jaber, UAE′s Minister of State and Adnoc Group CEO, and India′s Oil Minister Dharmendra Pradhan attended the signing ceremony at the Abu Dhabi International Exhibition & Conference this week. "India is an important oil market. It is our firm hope that we will be able to convert this framework agreement into a new mutually beneficial partnership that will create opportunities for Adnoc to increase deliveries of high-quality crude oil to India′s expanding energy market and help India meet its growing energy demand and safeguard its energy security," Al Jaber said.