In a significant move strengthening UAE-India relations, four groundbreaking agreements were signed in the energy sector, marking a new era of cooperation between the two nations.
UAE Bolsters Energy Exports with LNG and Crude Oil Agreements
The Abu Dhabi National Oil Company (ADNOC) has committed to supplying one million metric tonnes of liquefied natural gas (LNG) annually to the Indian Oil Corporation Ltd. This long-term agreement solidifies the UAE’s position as a key energy supplier to India’s growing market. Additionally, ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) inked a memorandum of understanding to explore further opportunities for crude oil storage in India, building upon their existing partnership since 2018.
Nuclear Energy and Oil Production: Expanding Collaboration Horizons
In a groundbreaking move, the Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) signed an agreement to enhance cooperation in nuclear power plant operations and maintenance. This partnership aims to facilitate knowledge exchange, mutual investment opportunities, and capacity building in the civil nuclear domain. Furthermore, a historic production concession agreement for Abu Dhabi’s onshore block-one was signed between Urja Bharat and ADNOC, marking the first such deal for an Indian company operating in the UAE.
These agreements were finalized during high-level talks between UAE Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi. The leaders emphasized the importance of exploring new areas of cooperation, including green hydrogen, artificial intelligence, and cutting-edge technologies.
The partnerships are expected to yield significant benefits for both nations, including enhanced energy security, economic growth, and job creation in the energy sector. They also underscore the UAE’s commitment to diversifying its energy partnerships and India’s efforts to secure long-term energy supplies.
As these agreements take effect, they are set to deepen the already strong ties between the UAE and India, paving the way for further collaboration in various sectors and reinforcing their comprehensive strategic partnership.
