Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Energy/  Govt hopes to complete oil storage talks with UAE today
BackBack

Govt hopes to complete oil storage talks with UAE today

India hopes to conclude negotiations with the UAE on Tuesday to fill its strategic oil reserves at Mangalore, a foreign ministry official said

India, which imports about 80% of its oil needs, is building emergency storage in vast underground caverns to hold some 36.87 mn barrels of crude as it seeks to hedge against energy security risks.Premium
India, which imports about 80% of its oil needs, is building emergency storage in vast underground caverns to hold some 36.87 mn barrels of crude as it seeks to hedge against energy security risks.

New Delhi: India hopes to conclude negotiations with the United Arab Emirates on Tuesday to fill its strategic oil reserves at Mangalore, a foreign ministry official said.

Abu Dhabi’s Crown Prince Sheikh Mohamed bin Zayed al-Nahyan is headed to India week as a guest of honour to the annual Republic Day Parade in a warming of ties.

Oil-rich Abu Dhabi has been in discussions to finalise a deal to lease part of India’s crude oil storage facilities.

India, which imports about 80% of its oil needs, is building emergency storage in vast underground caverns to hold some 36.87 million barrels of crude as it seeks to hedge against energy security risks.

Amar Sinha, Indian foreign ministry official in charge of economic relations, said the two sides were also expected to sign a pact between the UAE’s sovereign wealth fund and India’s National Investment and Infrastructure Fund. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Jan 2017, 02:39 PM IST
Next Story footLogo
Recommended For You
Energy Stocks
₹1,824.250.53%
₹166.250.9%
₹516.82.34%
₹88.561.21%
₹330.651.6%
Switch to the Mint app for fast and personalized news - Get App