ADNOC is the first shipment of crude oil for storage in India

Media In – Abu Dhabi 12 May 2018 / WAM /
The first shipment of crude oil produced by Abu Dhabi National Oil Company (ADNOC) has left the country on its way to storage in the Republic of India, with a volume of 2 million barrels of ADNOC crude oil.
This comes in line with the agreement signed between ADNOC and India’s strategic oil reserves company owned by the Indian government and specialized in stockpiling crude oil for strategic needs.
Which provides for the storage of 5.86 million barrels of crude oil produced by ADNOC at the Karnataka facility in Mangalore, India.
Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies, said: “In line with the directives of the wise leadership to enhance bridges of cooperation with friendly countries through long-term planning to achieve mutual benefits, Build and develop vital strategic partnerships with the Republic of India in the energy sector by building on the experience of the UAE and / ADNOC / hydrocarbon resources. ”
“This partnership will also provide new marketing opportunities for ADNOC / its high-quality crude oil access to one of the world’s largest growing markets and its contribution to energy security in India, the UAE’s largest trading partner. In India in increasing demand for our refined products and petrochemicals. ”
The implementation of the Strategic Reserve Agreement follows the announcement by ADNOC in February of a consortium of three Indian companies including India’s Oil and Natural Gas Company (Vidis), the Indian Oil Corporation and Bharat Petroriors, a 10 per cent stake in the Lower Zakum offshore concession In Abu Dhabi.
According to the International Energy Agency, it is expected that the demand for energy in India more than any other country between now and the year 2040 driven by steady economic growth, which will reach more than 5 times the current size and population growth, which will make India the largest country in terms of census Population worldwide