The UAE plans to build a large oil reserve in India — Bloomberg
Abu Dhabi National Oil Co. is considering a significant expansion of its oil storage capacity in India. According to the Indian government, the plan involves creating a stockpile of up to 30 million barrels, which is expected to strengthen energy cooperation between the two countries.
This was reported by Bloomberg.
India and the UAE will also cooperate on creating strategic gas reserves in India and, possibly, oil storage facilities at the port of Fujairah in the UAE, located outside the Strait of Hormuz. The timeline for implementing these projects has not been disclosed.
India, which imports half of its oil, two-thirds of its liquefied natural gas, and most of its liquefied petroleum gas from the Middle East, has been severely affected.
This crisis has exposed New Delhi’s insufficient oil reserves and lack of any gas reserves, leading to fuel rationing for industry and a nationwide call by Modi to conserve fuel by reducing non-essential travel.
These agreements will also give the UAE access to oil outside the Persian Gulf. The near-total closure of the Strait of Hormuz has sharply reduced the country’s exports and made it dependent on supplies via Fujairah in the Gulf of Oman.
On Friday, May 15, the UAE announced that a new oil pipeline to the port will begin operations as early as next year, allowing for a doubling of export volumes from Fujairah.
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