ISPRL and ADNOC sign MoU for strategic collaboration

An MoU was signed for strategic collaboration between Indian Strategic Petroleum Reserves Limited (ISPRL) and the Abu Dhabi National Oil Company (ADNOC). The agreement will enable the potential storage of up to 30 million barrels of crude oil by ADNOC in India’s strategic petroleum reserves. This would also include its participation in facilities at Visakhapatnam in Andhra Pradesh and the development of reserve facilities at Chandikol in Odisha. Moreover, it opens up the potential storage of crude oil at Fujairah in the UAE to form a part of the Indian strategic petroleum reserve. It is also likely to see collaborations in liquefied natural gas and LPG storage facilities in India.