UAE to store up to 30 million barrels in India’s Petroleum Reserve after PM Modi’s visit: Vikram Misri

ABU DHABI: Foreign Secretary Vikram Misri on Friday shared key details on agreements between India and the UAE, stating that the UAE will store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve following Prime Minister Narendra Modi‘s visit.

He said the move is aimed at strengthening energy cooperation and enhancing India’s energy security.

“We will be issuing a more detailed press release later today, but let me give you a snapshot of everything that happened during the course of this brief two-and-a-half-hour visit. On the bilateral front, the two sides have concluded several important initiatives to further deepen our comprehensive strategic partnership. Energy has always been a very important part of this relationship. In the energy cooperation field, we’ve seen several agreements being initialled between Indian energy sector companies and UAE entities, primarily the Abu Dhabi National Oil Company. These include agreements on enhancing UAE participation in Indian strategic petroleum reserves to a level of 30 million barrels, the establishment of strategic gas reserves in India, and long-term LPG offtake supply agreements,” he said.

Misri said that new investment commitments were signed, totalling USD 5 billion.

“In the field of investment, the UAE has traditionally been a significant investor in India, cumulatively the seventh largest investor over the course of the last 25 years. Today, new investment commitments were signed totalling USD 5 billion. These include investments by Emirates NBD Bank in RBL Bank in India, by the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by the International Holding Company in Saman Capital of India,” he said.

Misri further said that the two sides built on the initial steps that were taken during the visit of the UAE President to India.

“Defense cooperation has also been a major area of focus in recent years. Today, the two sides built on the initial steps that were taken during the visit of His Highness President Sheikh Mohamed bin Zayed to Delhi in January this year and concluded a framework on a strategic defense partnership. Under this, the two sides will strengthen their collaboration in defense manufacturing, technology, and equipment. Reflecting the Government of India’s initiatives in the shipbuilding industry, agreements were signed today between Cochin Shipyard Limited and Drydocks World of Dubai. These include agreements on setting up a ship repair cluster at Vadinar in India and a center of excellence for skill development in the maritime field,” he said.

Misri added that both countries took steps to cooperate in advanced technology.

“Cooperation in advanced technology took a giant step forward today with the signing of a term sheet for the establishment of an 8-exaflop supercomputing facility in India. This will add to India’s AI mission and the associated infrastructure. Furthermore, as both the UAE and India share an interest in building supply chain resilience, this visit saw the operationalisation of the virtual trade corridor called METRI between Indian and UAE ports. This will lead to much greater efficiencies in maritime commerce between the two nations,” he said.

Prime Minister Modi conveyed India’s strongest condemnation of the attacks that have taken place in the UAE.

“Finally, the situation in the region came in for detailed discussion. The Prime Minister once again conveyed India’s strongest condemnation of the attacks that have taken place in the UAE. He conveyed India’s solidarity with the leadership and the people of the United Arab Emirates and reiterated the need for unimpeded transit passage through the Strait of Hormuz and the cessation of attacks on shipping and on mariners,” he said.

PM Modi also invited President Mohamed bin Zayed of the UAE to India.