ADNOC delegation today witnessed the unloading of about two million barrels of crude oil at Karnataka oil facility.
The cargo was loaded in Abu Dhabi at an event witnessed by HE Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and HE Dharmendra Pradhan, Indian Minister for Petroleum and Natural Gas, arrived in Mangalore following a short 6-day voyage, says ADNOC.
“Today’s unloading of ADNOC crude oil marks another important milestone for Indian Strategic Petroleum Reserves Ltd (ISPRL), as we deliver on our mandate of establishing strategic crude oil storage facilities that enhance India’s energy security and serve as a cushion during any external supply disruptions, “say HPS Ahuja, CEO and Managing Director of ISPRL.
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.
ISPRL will operate three crude oil storage facilities, constructed in underground rock caverns located on the East and West coasts of India. Crude oil from these caverns can be supplied to Indian Refineries, either through pipelines, or through a combination of pipelines and ships. While part of the stored oil can be used for commercial purposes by ADNOC, the major part will be reserved for strategic purposes.
India is 82 per cent dependent on imports to meet its crude oil needs, eight per cent of which is supplied by the United Arab Emirates.