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India looks for UAE investment in energy sector
- 8 years ago (2016-02-11)
This renewed call takes place in a context where India wants foreign capital and technology to develop its economy, while the UAE is looking for additional markets to diversify its asset base. Last year, Modi’s trip to the UAE secured a $75 billion fund to develop India’s infrastructure. As the world’s fourth-largest oil consumer, India has also sought more oil from the UAE on more favourable terms in recent times.
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In a meeting with UAE Energy Minister Suhail bin Mohammed al-Mazroui, Indian Oil Minister Dharmendra Pradhan told reporters: “India is looking at UAE as a preferred partner for some of the projects… they have realised the potential of the Indian market.”
From the beginning of the next financial year in April, Indian state refiners would look to boost term purchases from the UAE from the current 204 000 bpd by around 50 000 bpd, Pradhan added. He also said that the UAE is keen to use half of the 1.5 million tonne oil storage facility India has built at Mangalore in Karnataka.