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“According to the agreement between Indian Strategic Petroleum Reserve Ltd (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE, ADNOC will fill up 0.81 million tonnes, or 5,860,000 million barrels of crude oil, at ISPRL storage facility at Mangaluru, Karnataka,” a Petroleum Ministry statement here said.
“Out of the crude stored, some part will be used for commercial purpose of ADNOC, while a major part will be purely for strategic purposes,” it said.
“India and UAE are strategic partners. The investment by ADNOC is a major investment from UAE, and the first investment by UAE in India in the energy sector,” it added.
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