India agrees to lease out Padur strategic oil storage to ADNOC

The Abu Dhabi National Oil Company (ADNOC) signed a Memorandum of Understanding (MoU) with the Indian Strategic Petroleum Reserves Ltd (ISPRL) to explore the possibility of storing crude oil in an underground oil storage facility at Padur in Karnataka, India, the company said in a statement.

Under the MoU, ADNOC could store crude in two compartments at the Padur facility, it added.

The MoU was signed today by Abdulla Salem Al Dhaheri, Director of Marketing, Sales and Trading at ADNOC, and HPS Ahuja, CEO and MD at ISPRL, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi.

“It is our firm hope that we will be able to convert this framework agreement into a new mutually beneficial partnership that will create opportunities for ADNOC to increase deliveries of high-quality crude oil to India's expanding energy market and help India meet its growing energy demand and safeguard its energy security,” ADNOC Group CEO Dr Sultan Al Jaber said.