The UAE and India signed four significant agreements on Tuesday, aimed at enhancing cooperation in crude oil storage, long-term LNG supply, and civil nuclear energy. These agreements were formalized during a meeting between Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi in New Delhi. The discussions highlighted the importance of exploring new areas of collaboration, particularly in nuclear energy, critical minerals, green hydrogen, artificial intelligence, and advanced technologies, according to the Ministry of External Affairs (MEA).
Among the agreements, one involves the long-term supply of one million metric tonnes of LNG 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). Additionally, Emirates Nuclear Energy Company and Nuclear Power Corporation of India Ltd signed a pact to boost cooperation in nuclear power plant operations, sourcing of nuclear goods and services from India, and exploring mutual investment opportunities in the civil nuclear sector.
The fourth agreement is a production concession for Abu Dhabi's onshore block-one between Urja Bharat and Adnoc. This marks the first time an Indian company has secured such a concession in the UAE. The visit of the Abu Dhabi Crown Prince to India signifies a renewed commitment to expanding into new and emerging areas, fostering economic growth and mutual prosperity, according to Adeeb Ahamed, managing director of Lulu Financial Holdings.
A separate agreement was also signed between the Gujarat government and the Abu Dhabi Developmental Holding Company PJSC for the establishment of food parks in India. This long-term LNG supply agreement is the third of its kind in over a year, following similar agreements between IOCL and GAIL with Adnoc. The MoU between Adnoc and ISPRL aims to explore additional crude storage opportunities in India and renew their existing storage and management agreement.
The production concession for Abu Dhabi Onshore Block one allows Urja Bharat to bring crude oil to India, contributing to the country's energy security. The MoU on food parks expresses ADQ's interest in developing Gundanpara in Bavla, Ahmedabad, as a promising site for the project, with plans to commence in the second quarter of 2025. The Crown Prince's visit to India included participation in an India-UAE Business Forum and a soft launch of the India-UAE virtual trade corridor in Mumbai.
During their talks, Modi and Sheikh Khalid acknowledged the substantial progress in the India-UAE Comprehensive Strategic Partnership and discussed opportunities to further deepen ties in all areas of bilateral cooperation. They highlighted the positive impact of the Comprehensive Economic Partnership Agreement (Cepa) and the Bilateral Investment Treaty (BIT) on the economic and commercial partnership between the two countries.
