Abu Dhabi to help India fill its strategic oil reserves

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India's quest for energy security got a major push on Wednesday after a pact that will see crude oil for strategic storage flow in from a state-run company of Abu Dhabi for meeting unexpected future exigencies. 

 

The agreement was entered into between two state-run companies -- the Indian Strategic Petroleum Reserves Ltd and the Abu Dhabi National Oil Company.

 

"Our energy partnership is an important bridge in our linkages. It contributes to our energy security," Prime Minister Narendra Modi said, after overseeing the signing of the agreement and talks with the visiting Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan. 

 

"His Highness and I discussed ways to transform our energy ties in a strategic direction through specific projects and proposals. In this regard, long-term supply contracts and establishment of joint ventures in the energy sector can be beneficial avenues."

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