GANESH65
Active member
UAE oil major, Adnoc, has stunned India with an impressive and unique offer to store its produces in India and take 2/3rd of the quantity for free. The offer has come during the visit of Abu Dhabi's crown prince Sheik Mohamed Bin Zayed Al Nahyan. India, which is 79% dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil to guard against global price shocks and supply disruptions. Besides Adnoc, Kuwait Petroleum Corp (KPC) too has evinced interest in hiring a part of the maiden strategic storage.
