UAE President, Indian PM witness exchange of major crude oil, LNG, LPG deals

UAE’s ADNOC has exchanged two strategic collaboration agreements with Indian partners to support energy demand, supply security, and long-term economic growth.

ADNOC said the agreements build on its expanding partnerships with Indian companies across crude, LNG and LPG supply, as well as energy storage opportunities.

The aim is to support India’s growing energy demand while strengthening long-term UAE-India energy security ties.

The agreements include a strategic collaboration with Indian Strategic Petroleum Reserves Limited to explore opportunities in crude oil, LNG and LPG storage, as well as strategic reserves. This includes a potential increase in ADNOC’s crude oil storage in India up to 30 million barrels, including existing storage at Mangalore and potential new storage opportunities at Vishakhapatnam and Chandikol.

The agreement also explores potential crude storage in Fujairah as part of India’s strategic petroleum reserve, alongside potential LNG and LPG storage opportunities in India.

ADNOC also exchanged a strategic collaboration agreement with Indian Oil Corporation to explore expanded LPG supply and trading opportunities, including through ADNOC Global Trading, building on the companies’ existing LPG term contract