India and the United Arab Emirates (UAE) strengthened their strategic partnership by signing four major agreements recently, focusing on energy security and civil nuclear cooperation.
Key highlights of the Agreements:
- It covers areas of untapped potential, including nuclear energy, critical minerals, green hydrogen, artificial intelligence, and cutting-edge technologies.
Key Agreements Signed:
- Long-Term LNG Supply Agreement: Abu Dhabi National Oil Company (ADNOC) will supply 1 million metric tonnes of LNG per year to the Indian Oil Corporation Ltd (IOCL).
- Crude Oil Storage and Management: A MoU between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) explores additional crude storage opportunities in India.
- Civil Nuclear Cooperation: ENEC and Nuclear Power Corporation of India Ltd (NPCIL) signed a pact to enhance cooperation in operating and maintaining nuclear power plants.
- Abu Dhabi Onshore Block One Production Concession: Urja Bharat, a joint venture of IOCL, marks the first instance of an Indian company operating in the UAE.
Additional Collaborations:
- An agreement between the Gujarat government and an Abu Dhabi company develop food parks in India, with a project in Gundanpara, Bavla, Ahmedabad set to begin in 2025.
- The leaders emphasized the India-UAE Comprehensive Strategic Partnership.
- They noted the success of the Comprehensive Economic Partnership Agreement (CEPA) and the Bilateral Investment Treaty (BIT), aiming to deepen economic and commercial ties.
- The historical bonds between the two nations through growing cooperation across sectors, including virtual trade corridors.
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Frequently Asked Question:
What is the focus of the agreements signed between India and UAE?
The agreements cover areas of untapped potential such as nuclear energy, critical minerals, green hydrogen, artificial intelligence (AI), and cutting-edge technologies.
What is the Long-Term LNG Supply Agreement?
The Long-Term LNG Supply Agreement was signed between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd (IOCL). ADNOC will supply 1 million metric tonnes of LNG per year to IOCL, ensuring energy security for India.
What is the significance of India in UAE’s energy sector?
India’s involvement, especially through Urja Bharat’s production concession, enhances its energy security by diversifying its energy sources and integrating companies into UAE’s energy production network.