Saturday, 26 May 2018 06:32 GMT

India to lease oil storage to UAE

(MENAFN) India plans to lease part of its planned strategic storage the Adnoc, a United Arab Emirates' state oil company, according to the Emirates 24/7.

The lease will be part of the New Delhi's plan to protect its economy against crude price shocks and supply disruptions.

India, the world's fourth largest oil consumer, imports about 80 percent of its oil needs and is building emergency storage capacity to hedge against energy security risks.

One of the sources said: "Final details of the plan are yet to be worked out but they (Adnoc) have said they can take up to 2 million tonnes capacity."

India to lease oil storage to UAE

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