India UAE MOUs expand UAE-linked crude storage to 30 million
India and the UAE are joining forces to boost UAE-linked crude storage capacity in India from 5.8 million barrels all the way up to 30 million barrels.
This move comes within weeks of PM Modi's visit to the UAE, where MOUs for this were signed.
This move is all about making sure India has enough backup fuel, since it relies on imports for nearly 88% of its crude oil requirements.
ADNOC could use Mangalore Visakhapatnam Chandikol
The plan includes expanding storage through existing underground caverns and new infrastructure projects, so the reserves can be used when needed and for commercial purposes, or even export them if they want.
ADNOC (Abu Dhabi National Oil Company), which already stores oil in Mangalore, could involve existing storage facilities at Mangalore and potential new sites at Visakhapatnam and Chandikol.
Plus, India and UAE are looking at ways to store gas as well, like using existing LPG storage caverns or developing new LNG storage infrastructure, to keep energy supplies steady no matter what happens globally.