Published: Sun, May 13, 2018
Money | By Armando Alvarado

UAE makes history in Indian oil

UAE makes history in Indian oil

Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Dharmendra Pradhan, India's Minister for Petroleum and Natural Gas, attended the historic first crude shipment ceremony in Abu Dhabi. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas.

After Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) will pick up stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra.

He further highlighted the attractive investment opportunities in the Petroleum and Natural Gas and Skill Development sectors in India and also extended an invitation to the business community in the UAE for greater collaborations and increased investments in India.

Al Jaber said "given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player".

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The work will upgrade the refining and petrochemicals plant at Ruwais in partnership with worldwide energy firms, he said. His three-day official visit from May 12 to 14 is a follow up on the state visit of Prime Minister Narendra Modi to the UAE in February, an official statement said here.

The Agreement with ISPRL also allows ADNOC to sell part of the crude oil to Indian refineries on commercial basis while adhering to mutually agreed minimum crude storage which is for exclusive use of the Indian government. 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.

The plan includes expanding the Ruwais complex's refining capacity by more than 65%, or 600,000 bpd by 2025, through the addition of a third, new refinery, creating a total capacity of 1.5 million barrels per day.

The UAE, OPEC's fourth largest producer, aims to boost crude oil production capacity from 3.2 million barrels per day at present to 3.5 million bpd at the end of the year.

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