The historic shipment is the first under an agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Strategic Petroleum Reserves Ltd (ISPRL), an Indian government-owned company mandated to store crude oil for strategic needs, to locate 5.86 million barrels of ADNOC crude oil at the Karnataka facility in the Indian city of Mangalore. These investments are expected to add more than 15,000 jobs by 2025 and contribute an additional 1% to GDP per year. The entire Ruwais complex will also be upgraded to produce greater volumes of higher-value petrochemicals and derivative products.
"Our energy appetite is very high".
Earlier in the day, Pradhan called UAE a reliable partner of India while appealing to all the stakeholders of Downstream Investment Forum to invest in India.
The barrel loading comes the day before ADNOC hosts a major Downstream Investment Forum in Abu Dhabi, where it will unveil more details of its expanded Downstream Strategy, including its new Ruwais industrial hub masterplan.
Following the dip in oil prices, ADNOC has undertaken a significant group transformation program over the last two years. The strategic reserve will provide a boost to India's energy security and help us deal with supply side disruptions.
Catalan Parliament votes to replace Puigdemont
The former Catalan president has called on the regional parliament to elect his party's deputy to lead the legislature. But he has been a major cultural figure over the last decade pushing for the region to fully break from Spain.
Swansea City midfielder Britton announces retirement
With Swansea City's fate to be sealed this weekend, there looks set to be big changes at the club regardless of the outcome. But what are the permutations in the final week of the season? The Swans perhaps have the best chance of survival.
'Deadpool 2' Trailer: David Beckham Gets An Apology, 'Boltneck' Doesn't
Screen Rant So I liked Deadpool 2 more than the first movie. "Blake, the fam, the whole thing", he said . In his opinion, Reynolds should really apologize for a slew of movies he made before Deadpool .
The money would be pumped into the economy alongside its partners in the next five years so as to become a leading global downstream player.
ADNOC will again welcome long-term partners who bring operational expertise, technology, financial acumen and the ability to develop and open new markets. "In the near future, the growth rate will be more stablised, we are expecting more energy requirement", he said. The Vishakhapatnam storage has capacity of 1.33 MT or 9.77 million barrels, Mangalore has a capacity of 1.5 MT or 11 million barrels and Padur can stock 2.5 MT 18.37 million barrels. Adnoc's plans to reposition itself as a downstream player amid rising demand for refined products and chemicals in the growing markets of Asia, where other Arabian Gulf players like Saudi Aramco are considering large-scale refining and chemicals investments.
Adnoc's facilities now process 10.5 billion standard cubic feet of gas per day and produce some 40 million tonnes annually of refined products, such as granulated urea, liquefied petroleum gas (LPG), naphtha, petrol, jet fuel, gas oil and base oils, fuel oil, as well as feedstock for chemicals.
They produce some 40 million tons per year (mtpa) of refined products, and a range of other products, including granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil, and other petrochemical feedstock, said the company in a statement.