India and UAE Strengthen Ties with Key Agreements in Energy and Food Sectors

UAE, India sign four key pacts in energy sector

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and India's Commerce Minister Piyush Goyal in Mumbai on Tuesday. -- WAM The UAE and India on Tuesday signed four major pacts that will facilitate crude oil storage, long-term supply of LNG and cooperation in the civil nuclear energy sector. The agreements were inked as Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi held wide-ranging talks focusing on boosting overall strategic ties in New Delhi on Monday. In their discussions, the two leaders underscored the need to explore new areas of untapped potential, particularly in nuclear energy, critical minerals, green hydrogen, artificial intelligence, and cutting-edge technologies, according to the Ministry of External Affairs (MEA) An agreement for the long-term supply of one million metric tonnes of LNG (liquefied natural gas) per annum to the Indian Oil Corporation Ltd by Abu Dhabi National Oil Company (Adnoc) and another between Adnoc and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts, the MEA said. Emirates Nuclear Energy Company and Nuclear Power Corporation of India Ltd also inked a pact that is expected to enhance cooperation in the operation and maintenance of nuclear power plants, the sourcing of nuclear goods and services from India. It will also provide a framework for exploring mutual investment opportunities and capacity building in the civil nuclear domain. The fourth pact is the production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and Adnoc. "The visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India marks another milestone in the ever-strengthening India-UAE relationship. The Comprehensive Economic Partnership Agreement (Cepa) has already laid a strong foundation for collaboration in key sectors such as trade, investment, energy, and technology. Building on this, the Crown Prince's visit signals a renewed commitment to expanding into new and emerging areas, unlocking additional pathways for economic growth and mutual prosperity," said Adeeb Ahamed, managing director of Lulu Financial Holdings, who was part of the delegation accompanying the Crown Prince. A separate pact was inked between the Gujarat government and the Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India. The agreement for the long-term supply of LNG for 1 million metric tonnes per annum (MMTPA) is the third such contract signed in just over a year. Both IOCL and GAIL had previously signed long-term agreements for 1.2 MMTPA and 0.5 MMTPA, respectively, with Adnoc. The MoU between Adnoc and ISPRL provides for exploring Adnoc's participation in additional opportunities for crude storage in India and the renewal of their storage and management agreement on mutually acceptable terms and conditions, the MEA statement said. The MoU builds on Adnoc's existing involvement in crude storage at the Mangalore Cavern of ISPRL since 2018. MEA spokesperson Randhir Jaiswal said Modi and the Abu Dhabi Crown Prince discussed the multifaceted relations between India and the UAE with an aim to broaden the comprehensive strategic partnership. Their meeting also featured discussions on the UAE and India's historical bonds of friendship and cooperation across all key sectors, as well as the two countries' perspectives on several topics of mutual interest.

India, UAE broaden strategic partnership

India and the United Arab Emirates (UAE) on Monday concluded agreements for the long-term supply of liquefied natural gas (LNG) and civil nuclear cooperation as Prime Minister Narendra Modi and Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan explored opportunities to broaden cooperation to new areas such as AI and critical minerals. The two sides also concluded agreements for the UAE to enhance its participation in India's strategic petroleum reserves, for an Indian state-run firm to bring crude oil from Abu Dhabi Onshore Block 1 to India, and for Abu Dhabi Developmental Holding Company to develop a food park in Gujarat. The Indian side rolled out the red carpet for Sheikh Khaled, effectively next in line after UAE President Mohamed bin Zayed Al Nahyan, and the Crown Prince was accorded the protocol usually associated with visits by heads of state or government. Sheikh Khaled, also chairman of the Abu Dhabi Executive Council, was accompanied by a delegation that includes ministers, senior officials and business leaders. Modi and Sheikh Khaled discussed the multifaceted relations and "avenues to broaden the comprehensive strategic partnership to new and emerging areas", external affairs ministry spokesperson Randhir Jaiswal said on X. The two leaders emphasised the need to explore new areas of collaboration, especially nuclear energy, critical minerals, green hydrogen, AI and cutting-edge technologies. Modi posted on X that he had fruitful talks on a range of issues with Sheikh Khaled. "His passion towards strong India-UAE friendship is clearly visible," he said. Sheikh Khaled conveyed the wishes of UAE President Mohamed bin Zayed for India's further progress and prosperity. The 15-year agreement for LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited envisages the supply of one million metric tonnes per annum (MMTPA) from ADNOC's lower-carbon Ruwais gas project. This is the third such contract signed by India in a little more than a year to strengthen energy security. IOCL and GAIL earlier signed long-term agreements for 1.2 MMTPA and 0.5 MMTPA respectively with ADNOC. The memorandum of understanding (MoU) between the Nuclear Power Corporation of India Limited (NNPCIL) and the Emirates Nuclear Energy Corporation (ENEC) is to enhance cooperation in operation and maintenance of nuclear power plants, sourcing of nuclear goods and services from India, and exploring mutual investment opportunities. It will also create a framework to share knowledge and expertise in all areas of nuclear energy development. Last week, the UAE announced the completion of the Arab world's first nuclear power plant. Abu Dhabi's Barakah Nuclear Energy Plant will produce 40 terawatt-hours of electricity a year once its fourth and final reactor begins commercial operations. The MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL) allows the UAE to ramp up its participation in crude storage in India and the renewal of an existing storage and management agreement. This builds on ADNOC's involvement in crude storage at ISPRL's Mangaluru cavern since 2018. India decided in 2004 to construct strategic petroleum reserves to ensure energy security. ISPRL has completed the filling of crude oil in underground rock caverns with a total capacity of 5.33 MMT at three locations, including Mangaluru (1.5 MMT). ADNOC has stored 5.86 million barrels of crude in the Mangaluru cavern. These reserves can be used in emergencies, such as serious disruptions in the global crude supply chain. The production concession agreement for Abu Dhabi Onshore Block 1 between ADNOC and Urja Bharat, a joint venture of IOCL and Bharat Petro Resources Ltd, is the first pact of its kind for any Indian company operating in the UAE. The concession allows Urja Bharat to bring crude oil to India, contributing to the country's energy security. The MoU between the Gujarat government and Abu Dhabi Developmental Holding Company (ADQ) envisages the development of a food and agriculture park at Gundanpara in Ahmedabad district by the second quarter of 2025. During Sheikh Khaled's visit to Mumbai on Tuesday, there will the soft launch of work on the India-UAE virtual trade corridor (VTC) and the MAITRI interface to facilitate the VTC. People familiar with the matter said this VTC will be part of the India-Middle East-Europe Economic Corridor (IMEC). Sheikh Khaled will also participate in the India-UAE Business Forum in Mumbai, a platform for business leaders and officials from both sides to brainstorm future cooperation in various areas. Modi and Sheikh Khaled expressed satisfaction at progress under the bilateral comprehensive strategic partnership in recent years and discussed opportunities to widen and deepen the partnership in all areas, the external affairs ministry said in a statement. They also acknowledged that the success of the Comprehensive Economic Partnership Agreement (CEPA) and the recent entry into force of the Bilateral Investment Treaty (BIT) will provide impetus to the economic and commercial partnership. Sheikh Khaled, who is on his first visit to India since becoming crown prince last year, also met President Droupadi Murmu and discussed the historic and comprehensive ties between the two sides. Murmu expressed her gratitude to the UAE's leadership for hosting more than 3.5 million Indian nationals. Murmu said during Sheikh Khaled's visit, India and the UAE have expanded their forward looking partnership through several agreements in new areas of cooperation.

India, Abu Dhabi sign 5 MoUs on nuclear, energy, food sectors

NEW DELHI - India and Abu Dhabi signed five agreements on Monday to cement relations in nuclear, energy and food sectors on the sidelines of talks between Crown Prince of Abu Dhabi Sheikh Khaled bin Mohammad bin Zayed Al-Nahyan and Indian Prime Minister Narendra Modi. The Ministry of External Affairs said in a statement that the Crown Prince of Abu Dhabi, who arrived in New Delhi yesterday on an official visit held bilateral discussions with Modi. "The two leaders expressed satisfaction over the substantial progress achieved in recent years in the India-UAE Comprehensive Strategic Partnership and discussed opportunities to further widen and deepen the partnership in all areas of bilateral cooperation," the statement said. They expected that the Comprehensive Economic Partnership Agreement and the Bilateral Investment Treaty will provide further push to strong economic and commercial partnership between the two nations. "They also underscored the need to explore new areas of untapped potential, particularly in nuclear energy, critical minerals, green hydrogen, artificial intelligence and cutting-edge technologies," the statement added. The five MoUs are on nuclear cooperation between Nuclear Power Corporation of India Limited and Emirates Nuclear Energy Corporation, agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited, MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL), Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC and an MoU between government of Gujarat and Abu Dhabi Developmental Holding Company PJSC on food parks development in India. The nuclear cooperation agreement will "enhance cooperation in the operation and maintenance of nuclear power plants, sourcing of nuclear goods and services from India, exploring mutual investment opportunities and capacity building," the statement said. As part of the agreement for long-term supply of one million metric tonne per annum of LNG would be supplied by ADNOC. There are long term agreements between IOCL and GAIL with ADNOC to supply 1.2 million metric tonne per annum and 0.5 million metric tonne per annum respectively. ADNOC and ISPRL MoU is meant to explore additional opportunities for crude storage in India and the renewal of existing ones. Sheikh Khaled bin Mohammad also met Indian President Droupadi Murmu and discussed ways to further cement the warm, historic, and comprehensive ties between the two countries. The visiting Abu Dhabi leader is scheduled to visit Mumbai tomorrow to participate in an India-UAE Business Forum. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).