India's Prime Minister Shri Narendra Modi has approved an agreement that involves ADNOC utilising capacity at one of its strategic petroleum reserve storage facilities.
The agreement between Indian Strategic Petroleum Reserve (ISPRL) and ADNOC allows ADNOC to fill up 5.86 million barrels of crude oil at ISPRL's storage facility at Mangalore, Karnataka.
Some of the stored crude will be used for commercial purposes by ADNOC while a significant part will be for strategic use.
A statement issued by the Government of India says that the agreement increases India's energy security.
The statement says: 'The investment by ADNOC is a major investment from UAE under the high level task force on investment and the first investment by UAE in India in the energy sector.'
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