04:16 GMT +319 October 2018
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    India's Strategic Oil Reserve to Receive First Shipment From UAE in May 2018

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    India has constructed three strategic petroleum reserves with a total capacity of 5.33 MMT at three locations viz. Vishakhapatnam (1.33 MMT), Mangaluru (1.5 MMT) and Padur (2.5 MMT). The UAE is the first country to participate in the strategic scheme.

    New Delhi (Sputnik) — The Indian government has expressed confidence that the first shipment of crude oil from Abu Dhabi National Oil Company (ADNOC) to fill the country's strategic petroleum reserve at Mangalore will arrive in May this year. India's Minister of Petroleum & Natural Gas Dharmendra Pradhan said that ADNOC has indicated its oil consignments are booked for the next two months and the first consignment should arrive by May.

    READ MORE: India to Set up $100 Billion Oil Conglomerate to Take on Global Rivals

    "ADNOC will invest about $400 million by way of storing crude in one of the Indian Strategic Petroleum Reserves Ltd (ISPRL) underground rock cavern in Mangalore of capacity 5.86 million barrels (0.81 MMT). The period of storage will be 3 years with an automatic extension of 2+2 years," Pradhan said on Tuesday in New Delhi.

    ​"Propelled by an economy that will grow to more than five times its current size by 2040, India's energy demand is forecast by the International Energy Agency (IEA) to grow by more than any other country in the period to 2040 and account for one-third of total incremental growth," India's Ministry of Petroleum & Natural Gas said in a statement.

    At present, the UAE is the fifth largest import source and accounts for about 6% of India's total crude imports.

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    Tags:
    first shipment, energy cooperation, crude oil, security, ADNOC, Dharmendra Pradhan, UAE, India
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