PM Modi and Crown Prince Al Nahyan Discussed the Various Connections Between India and the UAE
Image Source: NDTV Profit
India and the United Arab Emirates have successfully finalized four significant agreements, which encompass crude oil storage, long-term LNG supply, and collaboration in the civil nuclear energy sector. Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan engaged in talks to bolster and elevate overall strategic ties between the two nations.
Abu Dhabi National Oil Company (ADNOC) has signed agreements with Indian Oil Corporation Ltd and India Strategic Petroleum Reserve Ltd (ISPRL). As part of the agreements, ADNOC will supply one million metric tonnes of LNG (liquefied natural gas) per year to Indian Oil Corporation Ltd and collaborate with ISPRL. The Ministry of External Affairs (MEA) confirmed these agreements among the four pacts.
This is the third contract for the long-term supply of LNG for 1 million metric tons per year. In the past year, both IOCL and GAIL signed long-term agreements for 1.2 million metric tons per year and 0.5 million metric tons per year, respectively, with ADNOC.
The fourth pact is the production concession agreement for Abu Dhabi Onshore Block One between Urja Bharat and ADNOC.
A separate pact was inked between the Gujarat government and the Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India.
Urja Bharat, a joint venture of IOCL and Bharat PetroResources Ltd., has signed a production concession agreement for Abu Dhabi Onshore Block One with ADNOC. This marks the first time an Indian company has secured such an agreement in the UAE.
MEA spokesperson Randhir Jaiswal said PM Modi and Crown Prince Al Nahyan talked about the many-sided relationship between India and the UAE with the aim of expanding the comprehensive strategic partnership.
In February 2022, both countries signed the CEPA, followed by the Local Currency Settlement (LCS) System in July 2023 to encourage the use of the Indian Rupee and AED (United Arab Emirates Dirham) for cross-border transactions. After discussions with Modi, the visiting leader paid respects to Mahatma Gandhi at his memorial in Rajghat.
The situation in Gaza was discussed during the talks between Modi and Al Nahyan, along with other global challenges. The relationship between India and the UAE has significantly improved in recent years. After Modi’s visit to the UAE in August 2015, the two countries elevated their bilateral relations to a Comprehensive Strategic Partnership. The UAE is home to the largest expatriate group of about 3.5 million Indians.
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