Adnoc loads first oil cargo for India’s ISPRL

ABU DHABI / WAM

The historic first cargo of crude oil from the Abu Dhabi National Oil Company (Adnoc), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL) has, on Saturday, been loaded and is en-route to India.
The cargo is the first under an agreement between Adnoc and ISPRL, an Indian government-owned company mandated to store crude oil for strategic needs, to locate 5.86 million barrels of Adnoc crude oil at the Karnataka facility in the Indian city of Mangalore.
The loading, of approximately 2 million barrels of Adnoc crude oil, was witnessed by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, and Dharmendra Pradhan, Indian Minister for Petroleum and Natural Gas, at a ceremony in Abu Dhabi.
Dr Al Jaber said: “The strategic reserve project represents an important new energy partnership with India that leverages the UAE and Adnoc ’s expertise and oil resources. With this partnership, new market opportunities will open up for Adnoc, as we not only help to ensure the energy security of the UAE’s largest trading partner, but also gain greater access to one of the fastest-growing markets for high-quality crude oil. Our increased presence in India, will also catalyse demand for our own refined and petrochemical products.”
India is 82 percent dependent on imports to meet its crude oil needs, eight percent of which is supplied by the UAE.