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The first consignment of Abu Dhabi National Oil Company (ADNOC) crude oil for the Indian Strategic Petroleum Reserves (ISPRL) in Mangaluru will be flagged off in three days.
An official statement said Minister of Petroleum & Natural Gas Dharmendra Pradhan and UAE Minister of State Sultan Al Jaber are expected to jointly flag off the consignment during Pradhan’s three-day visit to the UAE.
This will be the first such investment by any foreign company in the Indian SPR facility.
An amended and restated oil storage and management agreement was signed between ISPRL and ADNOC during the visit of Prime Minister Narendra Modi to the UAE. Under the agreement, ADNOC will store about 5.86 million barrels of crude oil in the cavern in Mangaluru at its own cost.
Pradhan will lead an official delegation to the UAE from May 12 to 14, the statement added. He is expected to meet the ADNOC Group CEO and participate in the UAE Downstream Investment Forum, where he will speak on ‘New Trade Flows, New Market Opportunities’.
In his capacity as the Minister for Skill Development and Entrepreneurship, Pradhan is scheduled to meet Nasser Al Hamli, UAE’s Minister for Human Resources and Emiratization. There are over 2.8 million Indian expats in the UAE working in both semi skilled and technical areas, the statement added.
Pradhan will also participate in a roadshow for the Discovered Small Fields (DSF) Bid Round – II and 9th City Gas Distribution (CGD) international bidding round.
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