look news india
UAE and India on Monday signed four special agreements that will give a new boost to bilateral ties between India and UAE, including partnership between the two countries in the areas of crude oil storage, long-term LNG supply, nuclear energy. Prime Minister Narendra Modi on Monday held lengthy discussions with Abu Dhabi Crown Prince Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, focusing on strengthening strategic ties between the two countries.
Discussed multifaceted relations between India and UAE
The UAE signed a CEPA with India in 2022, which aims to increase bilateral trade between the two countries to $100 billion. After the meeting, Foreign Ministry spokesperson Randhir Jaiswal said that PM Modi and Crown Prince Al Nahyan discussed multilateral relations between India and the UAE with an aim to make the comprehensive strategic partnership a success.
Major agreements signed between India and UAE
- Deal between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation
- Deal between ADNOC and India Strategic Petroleum Reserve Limited
- Agreement with Emirates Nuclear regarding Barakah nuclear plant
- Agreement between Gujarat Government and Abu Dhabi based PJSC company for development of food park
- Involvement in LNG supply and nuclear power
Crude oil storage will be increased in India
One of the four agreements is an important one between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL). Under this, the long-term supply of LNG will be increased to 1 million metric tonnes per year. Along with this, ADNOC and India Strategic Petroleum Reserve Limited (ISPRL) have signed an agreement on the storage of crude oil, under which the storage of crude oil in India will be increased and the existing storage facilities will be renovated.
Agreement on building a food park in Gujarat
The third agreement was signed to build a food park in Gujarat. Abu Dhabi Developmental Holding Company will build a food park in Gujarat. The UAE government proposed the food park during Vibrant Gujarat in January 2024 and an agreement was reached on the visit of Crown Prince Sheikh Khalid. This park can be built in Gundanpara area of Ahmedabad and it can start in 2025.
Agreement on exploring possibilities in the field of nuclear energy
Under this, not only has the long-term supply of LNG to India been approved by the UAE, but an agreement has also been reached between the two countries to explore possibilities in the field of nuclear energy. Also, an agreement has been signed between Abu Dhabi and Abu Dhabi companies to create petroleum reserves for strategic purposes.