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ADNOC in talks to lease oil storage in India: report

: Wednesday, July 09 - 2014 @ 00:42

India is in talks to lease part of its planned strategic storage to UAE’s state oil company ADNOC, as New Delhi moves to protect its economy against crude price shocks and supply disruptions, Reuters has reported, citing two government sources. India had initially planned to fill the oil storage without overseas participation, but it is now drawn to deals similar to those that the Abu Dhabi National Oil Co (ADNOC) struck earlier with Japan and South Korea. “Final details of the plan are yet to be worked out but they (ADNOC) have said they can take up to two million tonnes capacity,” said one of the sources, referring to a recent meeting between ADNOC representatives and Indian officials.

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Wednesday, July 9- 2014 @ 0:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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