Modi Diplomacy Emerges Fruitful As UAE Buys Into India's Oil & Gas Segment

摘要

There is a story behind Indian Prime Minister Narendra Modi being awarded the Zayed Medal,the highest civil honour of United Arab Emirates(UAE).A story of a carefully nurtured business and diplomatic bonhomie by Narendra Modi.UAE's Abu Dhabi National Oil Co(ADNOC)and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned $44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra.They have hired space at the underground strategic oil storages built at Mangalore and Padur in Karnataka.It may be pertinent to recall here,that India has built 5.33 million tonne of emergency storage--enough to meet its oil needs for 9.5 days-in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh.It has allowed foreign oil companies to store oil in the storages on condition that the stockpile can be used by New Delhi in case of an emergency.