The union cabinet has given its nod to an agreement on oil storage and management between Indian Strategic Petroleum Reserve (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE.
According to an official statement, the ex-post facto approval for signing of the definitive agreement was approved by the Cabinet chaired by Prime Minister Narendra Modi
As per the agreement, ADNOC will fill up 0.81 MMT or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka.
The statement added: “Out of the crude stored, some part will be used for commercial purpose of ADNOC, while a major part will be purely for strategic purposes. The signing of the agreement will augment India’s energy security,”
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