Oil Company (ADNOC) is keen to deepen its ties with Indian energy partners across the entire value chain, Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC, said on Monday.
Delivering his speech at the CERAWeek India Energy Forum, Dr. Al Jaber said, “India’s energy security is a top priority for the UAE and ADNOC. As ADNOC continues to explore opportunities internationally, we look forward to deepening our ties with Indian energy partners across the entire crude, refining, petrochemical and derivatives value chain.”
He highlighted the key role the UAE will play in providing the energy that will drive India’s economic expansion over the next two decades. India’s energy demand is set to grow by 165 percent – more than six times the global average and triple the rate of growth projected throughout non-OECD countries.
He said ADNOC is ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in India.
Noting that the bilateral relationship between the UAE and India has advanced beyond a buyer-seller dynamic to that of strategic energy security cooperation, Dr. Al Jaber also invited Indian companies to the UAE’s downstream projects and plans.
“There are multiple opportunities to join us in partnerships that will generate attractive financial returns for strategic partners, while delivering long-lasting economic benefits for the UAE,” he said.
He also highlighted the June agreement with Saudi Aramco, Indian Oil, Bharat Petroleum and Hindustan Petroleum – making ADNOC a strategic partner in the Ratnagiri refining and petrochemicals complex – as an example of the growing energy links between India and the UAE.
ADNOC will be a key supplier of crude to the 1.2 million barrels per day refinery, which will plug directly into a plant with a capacity of 18 million tons of higher value petrochemical products destined for India’s high growth market.
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