Adnoc also delivered the final shipment of the initial delivery of Adnoc crude to be stored in another ISPRL
underground facility in Mangalore, earlier the same month.
Ahuja, the chief executive of ISPRL
, said on Monday that ISPRL
, a government-owned a special purpose vehicle, planned to get bids from investors for the second phase of the storage plan in six to nine months.
This follows an agreement inked between ADNOC and ISPRL
, in January 2017 during a visit to India by a high-ranking UAE delegation, led by HE Sheikh Mohamed bin Zayed Al Nahyan, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility.
is building strategic storage capacities that can hold reserves equivalent to 90 days of crude oil imports by 2020.
The MoU was signed by Abdulla Salem Al Dhaheri, director of Marketing, Sales and Trading at Adnoc, and HPS Ahuja, CEO and MD at ISPRL
, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
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.
Adnoc also signed two separate agreements with Mubadala Investment Company to look for opportunities in refining and petrochemicals sector and an MoU with Indian Strategic Petroleum Reserves Ltd (ISPRL
) for crude storage at Padur in Karnataka.
During the visit of the Prime Minister, Indian Strategic Petroleum Reserves Ltd (ISPRL
) signed an agreement with the ADNOC of UAE under which the latter will store about 5.86 million barrels of crude oil in India's Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.
The historic first cargo of crude oil from the Abu Dhabi National Oil Company (Adnoc), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL
) has been loaded and is en-route to India, a media report said.
Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) on Monday signed a Memorandum of Understanding with the Indian Strategic Petroleum Reserves Ltd (ISPRL
) to explore the possibility of storing its crude oil at ISPRL
's underground oil storage facility at Padur in Karnataka.