India allows ADNOC to export 50% of its stored crude at Mangalore reserve

SourceArabian Business
SectorOil & Gas
CountryUnited Arab Emirates

Multiple business and strategic factors may have influenced India’s decision to grant more commercial flexibility to Abu Dhabi National Oil Company (ADNOC) in exporting crude stored in its strategic petroleum reserve (SPR) at the southern Indian city of Mangalore, oil industry experts have said. The Indian cabinet, in a major policy shift, announced on Wednesday it would allow ADNOC to trade half of the crude oil it has stored in the country’s underground strategic reserves. Engineering, procurement and construction contract awarded to South Korean firm for Adnoc Fujairah Underground Storage The policy shift by India in granting more commercial flexibility – in line with the model followed by Japan and South Korea - could help ADNOC in meeting its long-term business objective of making India a regional hub for supplying to neighbouring markets ...read more...