New Delhi: India and the United Arab Emirates (UAE) signed five Memoranda of Understanding (MoUs) to enhance cooperation in the energy sector and other areas. The agreements were signed during the Abu Dhabi Crown Prince Al Nahyan’s three-day visit to India.
The details of the agreements signed are as follows:
MoU between ADNOC and IOC: The agreement between the Abu Dhabi National Oil Company (ADNOC) and the Indian Oil Corporation (IOC) will provide a long-term supply of Liquefied Natural Gas (LNG) to India. It is the third long-term LNG supply deal signed by ADNOC with Indian entities. Under the pact, ADNOC will deliver 1 million tonnes of LNG every year from its Ruwais natural gas project for 15 years.
MoU between ADNOC and ISPRL: This agreement signed by ADNOC and India Strategic Petroleum Reserve Limited (ISPRL) will explore additional opportunities for crude storage in India and the renewal of their storage and management agreement.
MoU between ADNOC and Urja Bharat: A production concession agreement for the Abu Dhabi Onshore Block 1 has been signed between Urja Bharat and ADNOC, providing India the stake to explore and appraise oil and gas reserves in the 6,162-square-kilometer block around Ruwais, ADNOC’s refining and petrochemicals hub in Abu Dhabi.
MoU for Nuclear Energy: Another agreement has been signed between Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Limited (NPCIL) for the operation and maintenance of the Barakah Nuclear Power Plant (Abu Dhabi). The plant is the first of its kind in the Arabian Peninsula, the second in the Persian Gulf region, and the first commercial nuclear power station in the Arab World.
MoU between Gujarat Govt. and Abu Dhabi: This agreement has been signed between the Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) for the development of food parks in India.
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