The India-UAE partnership received yet another boost as several key agreements were signed over long-term energy security and the advancement of civil nuclear cooperation on Monday. The agreements came following a high-level meeting between Indian Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled.
1. Long-Term LNG Supply Agreement
India and the UAE went further to reinforce their energy partnership through a 15-year agreement on the supply of LNG. The deal lets Abu Dhabi National Oil Company-ADNOC supply one million metric tonnes per annum- MMTPA of LNG to Indian Oil Corporation Limited-IOCL from its Ruwais gas project. This is the third long-term LNG purchase agreement between India and ADNOC, subsequent to the deals signed by IOCL and GAIL, and thus in line with enhancing the energy security of India.
2. Nuclear Cooperation in the Civilian Sphere
This was larger because the UAE had just finished the first nuclear plant in the Arab world, the Barakah Nuclear Energy Plant. An MoU between NPCIL, India, and ENEC was inked on operation and maintenance cooperation in nuclear power plants, in nuclear sourcing, and related investment opportunities.
The UAE agreed to improve its contribution to the strategic petroleum reserves of India with the MoU signed by the Indian Strategic Petroleum Reserve Limited with the ADNOC. This would provide a wider scope to ADNOC for expanding its presence at India's strategic crude storage facilities, including in the Mangalore cavern. This is the strategic reserve that keeps India prepared with emergency crude supplies in case disruptions occur in the supply chain of global oil supplies.
4. Boost to Agriculture and Food Security
The other major development was that UAE's Abu Dhabi Developmental Holding Company, commonly known as ADQ, agreed to a food and agriculture park in Gujarat. Due to completion by 2025, the project will further develop the food security and agricultural trade between both nations.
5. Navigating New Spaces: AI and Green Hydrogen
During the deliberations, both Prime Minister Modi and Sheikh Khaled have given emphasis to new and emerging areas of cooperation such as artificial intelligence, green hydrogen, and critical minerals. These areas might bring the comprehensive strategic partnership between India and the UAE to the next level.
The red-carpet welcome accorded to the Crown Prince and high-level talks reflect the rising priority accorded to the India-UAE relationship.
Inputs by Agencies
Image Source: Multiple Agencies
Ⓒ Copyright 2024. All Rights Reserved Powered by Vygr Media
