UAE- Adnoc set for talks on India strategic oil reserves today

11/26/2015 5:10:19 AM

(MENAFN- Khaleej Times)

Abu Dhabi National Oil Company or Adnoc is pursuing a discussion for investing in establishing strategic oil reserves in India.

Officials of Adnoc will be visiting India today in order to discuss this matter further according to a Press release issued by the Indian government. The statement followed a meetingon Tuesdaybetween visiting Indian Finance Minister Arun Jaitley and a group of senior representatives of UAE government entities led by Shaikh Hamed bin Zayed Al Nahyan Chairman Abu Dhabi Crown Prince Court.

Adnoc team's discussions are expected to focus on the UAE's possible participation in the establishment of a strategic petroleum reserve at Mangalore port in Karnatka "in a manner that serves the common strategic interests of both countries as well as opportunities for bilateral economic and investment cooperation in the UAE and India."

Shaikh Hamed said his meeting with Jaitley was a further example of the concerted and wide-ranging efforts undertaken by the UAE and India in recent years to promote and enhance bilateral trade between our countries. "We look forward to continuing this constructive dialogue and further deepening our ties in ways that are of mutual benefit."

Stressing the strong historical trade and cultural relations between the UAE and India Jaitley said his visit would further strengthen the ties. He invited investment funds of the UAE to deepen their engagement with India with further investments especially in the infrastructure sector.

He also extended an invitation to Shaikh Hamed to visit India to discuss the modalities of this partnership.

Jaitley called for Adia's participation and investment in National Infrastructure and Investment Fund (NIIF). The finance minister said that NIIF will attract good return on the investment made by the Sovereign Wealth Funds of different countries.

During the meeting Jaitley gave a detailed account about the various initiatives taken by the present government in the last one and a half year for foreign direct investment (FDI) in the country. He said that as a result FDI has increased by 40 per cent during the current year as compared to the previous year.

He specifically mentioned about various FDI reforms taken recently by the government for attracting foreign investment in sectors such as railways defence services and manufacturing among others.

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