Deepak Mittal, India’s ambassador to the UAE, stated that the UAE’s decision to leave OPEC may open up new avenues for deeper energy collaboration with India, including higher production, infrastructure investments, and a diversity of energy sources.
Mittal characterized the India-UAE energy collaboration as becoming more strategic rather than a conventional buyer-seller relationship ahead of Prime Minister Narendra Modi’s May 15 visit to the UAE.
Nearly 11% of India’s crude oil demands are currently met by the UAE, which also continues to be the nation’s third-largest LNG supplier. Additionally, it is the biggest provider of LPG in India, supplying about 40% of the country’s needs.
According to Mittal, long-term LNG contracts of more than 4.5 million metric tons have been inked by Indian businesses and Abu Dhabi National Oil Company (ADNOC). He also emphasized how the UAE contributes to India’s strategic petroleum reserves, which hold more than 5 million barrels of crude.
During Modi’s visit to the UAE, energy security is anticipated to continue to be a top priority, and two Memorandums of Understanding pertaining to LPG and strategic petroleum reserves are probably going to be inked.
Source – Newsable Asianet News
