Abu Dhabi National Oil Company (ADNOC) has signed a Memorandum of Understanding (MoU) with the Indian Strategic Petroleum Reserves Ltd. (ISPRL) to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 million-tonne (~17 million barrels) capacity.
Final shipment
The MoU with ISPRL, mandated to store crude oil for emergency needs, follows the arrival of the final shipment of the initial delivery of ADNOC crude on November 4, to be stored in another ISPRL underground facility in Mangaluru, which will store 5.86 million barrels. Under the MoU, ADNOC could store crude in two compartments at Padur.
The MoU was signed by Abdulla Salem Al Dhaheri, director of Marketing, Sales and Trading at ADNOC, and HPS Ahuja, CEO and MD at ISPRL, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), ADNOC said in a statement.
Sultan Ahmed Al Jaber, the UAE Minister of State and ADNOC Group CEO, and Dharmendra Pradhan, Minister of Petroleum and Natural Gas, Government of India, witnessed the signing of the MoU, the statement added.