ADNOC and the Indian Strategic Petroleum Reserves conducted a special ceremony to mark the first ADNOC crude oil shipment to the Karnataka storage facility.
The cargo arrived following a six-day voyage. The agreement, which was initiated in January 2017, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities at the facility. This first shipment of 2 million barrels of crude oil, will be followed by additional shipments after India’s annual monsoon season.
HPS Ahuja, CEO and managing director of ISPRL, says: ‘Todays unloading of ADNOC crude oil marks another important milestone for ISPRL, as we deliver on our mandate of establishing strategic crude oil storage facilities that enhance India’s energy security and serve as a cushion during any external supply disruptions. Our agreement with ADNOC builds on the rich history between our nations and opens new opportunities for further partnership and engagement between the UAE and India.’
India is 82% dependent on imports to meet its crude oil needs, 8% of which is supplied by the UAE. In addition to helping ensure energy security, the oil storage facilities enable ADNOC to efficiently and competitively meet market demand across Asia.