India is leveraging its relationship with West Asian oil producers such as Saudi Arabia, Kuwait and United Arab Emirates (UAE) to source additional crude oil at similar terms as those entered for annual contracts.
Betting big on rising oil demand in the world’s third largest energy consumer, oil-rich UAE on Monday said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India.
Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.
A report claimed that “India will soon see a underwater train which will link Mumbai and Dubai,” and will facilitate “the exchange of goods from India to UAE and export of oil through a pipeline as well”.
India-UAE ties grow stronger: Energy and trade cooperation high on MEA Swaraj Swaraj’s agenda to the Emirates next week
Accompanied by a high level official delegation, external affairs minister Sushma Swaraj would be visiting the United Arab Emirates (UAE) next week for the the 12th session of the India-UAE Joint Commission Meeting for economic and technical cooperation.
Like London to Paris undersea high-speed rail travel, Indians may also soon enjoy underwater ‘floating rail’ travel between UAE’s Fujairah town and Mumbai.
The UAE odownplayed India’s concerns about rising fuel prices and possible oil shortage after the six-month US relief to stop import of Iranian oil by New Delhi ends, saying the emirate and Saudi Arabia have stood very strongly with India to cover the deficit in the past.
With increasing economic ties with India, the UAE has committed USD 75 billion towards infrastructure development in the country, the commerce ministry said today.
Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, UAE Ambassador to India Ahmed Albanna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted.
India and the United Arab Emirates (UAE) will on Monday ink an important Trilateral Agreement between Abu Dhabi National Oil Co (ADNOC), UAE’s ARAMCO and India’s Ministry of Petroleum and Natural Gas – that will expand India’s refining capacity.