Inspectioneering
News

ADNOC Seeking to Expand Downstream Investment in Asia

Reuters, February 11, 2019
Reuters

Abu Dhabi National Oil Company is seeking to invest in more downstream assets, mainly in refining and petrochemicals, in strategic locations like India to find a stable outlet for its oil, said its chief executive officer, Sultan Ahmed Al Jaber.

India is not only an important market for us. India is a very strategic partner for United Arab Emirates, spanning all ... sectors, energy being one of (them),” he told reporters on the sidelines of energy conference Petrotech.

ADNOC, along with Saudi Aramco, is participating in a planned 1.2 million-barrels-per-day (bpd) coastal refinery in western Maharashtra state. ADNOC is also keen to lease more strategic storage in India, Al Jaber said.

Expanding our strategic reserve in India will be an item on the agenda to be discussed with our great friends in India,” he told a conference in New Delhi.

ADNOC last year signed a preliminary agreement to use half of the Padur strategic reserve facility in southern India. The site can store about 2.5 million tonnes or 18 million barrels of crude. India, which relies on oil imports for about 80 percent of its needs, has built underground emergency storage in three places to protect itself from any disruption. The underground reserves can hold 36.87 million barrels or about 9.5 days of average demand.

ADNOC, the only foreign company with a deal to store oil in India’s strategic reserves, has another storage deal agreement at Mangalore’s strategic storage in Karnataka.

We will always be looking for ways to enhance our cooperation with our Indian counterparts, catering for the Indian market and beyond,” Al Jaber said.

(Reporting by Nidhi Verma; Editing by Tom Hogue)

Click here to read the full article from Reuters.

Copyright 2024 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Training Solutions

Improve your skills in key mechanical integrity subjects.

Case Studies

Learn from the experience of others in the industry.

Integripedia

Inspectioneering's index of mechanical integrity topics – built by you.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Downloads

Downloadable eBooks, Asset Intelligence Reports, checklists, white papers, and more.

Videos & Webinars

Watch educational and informative videos directly related to your profession.

Acronyms

Commonly used asset integrity management and inspection acronyms.