ADNOC Increases Crude Oil Storage in India to 30 Million Barrels
Abu Dhabi National Oil Company signed two strategic agreements with Indian partners to expand crude oil storage and LPG trading opportunities.
The Abu Dhabi National Oil Company (ADNOC) signed two strategic collaboration agreements with Indian partners to strengthen energy security and supply chain resilience. These initiatives align with a broader UAE-India Comprehensive Economic Partnership Agreement that aims to reach $200 billion in bilateral trade by 2032.
In a deal with Indian Strategic Petroleum Reserves Limited, ADNOC will increase its crude oil storage in India to 30 million barrels. The company will utilize existing facilities in Mangalore and investigate new storage opportunities in Vishakhapatnam and Chandikol. Additionally, the partners are evaluating potential crude storage in Fujairah for India's strategic reserve, as well as LNG and LPG storage options within India.
Separately, ADNOC partnered with Indian Oil Corporation to expand LPG supply and trading opportunities via ADNOC Global Trading. This agreement builds upon an existing term contract from 2023 and aims to establish a long-term sale and purchase agreement to support India's growing energy demands.
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