KHALEEJ TIMES, Tuesday, Feb 12, 2019 | Jamadi Al Thani 7, 1440
UAE to invest in petrochem, oil facilities in India
The UAE said on Monday that it is looking at investing more in refining and
petrochemical projects in India, as well as pumping more crude oil into the
latter's strategic petroleum reserves.
Speaking to reporters here after
receiving the Lifetime Achievement Award at the Petrotech 2019 global energy
conference from Prime Minister Narendra Modi, UAE Minister of State and CEO of
Adnoc Dr Sultan bin Ahmad Sultan Al Jaber said his country is looking to go
beyond only selling crude to India and wants to develop a strategic partnership.
"We are looking at expanding
investment portfolio in the downstream sectors, especially in oil refining and
petrochemicals," he said.
"We are looking at strategic
partnership, given that we can also bring our own crude. India is not only an
important market for us... it is a very strategic partner."
The proposed $44 billion Ratnagiri
refinery project in Maharashtra has Adnoc and Saudi Arabian national oil company
Aramco as overseas strategic partners.
"We are working very closely with our
partner Saudi Aramco as well as our counterparts in India," he added.
The UAE Minister also said the Gulf
nation is also looking at storing more crude oil in Indian strategic reserves.
"India is very high on our strategic
agenda and expanding our strategic reserve in India will be an item on the
agenda to be discussed with our friends and counterparts in India," he said.