ABU DHABI: India and the UAE on Friday inked a series of landmark pacts spanning strategic petroleum reserves, long-term LPG supply, defence and shipping, with Abu Dhabi pledging investments totalling USD 5 billion in India, as Prime Minister Narendra Modi engaged in high-level talks with President Sheikh Mohamed bin Zayed Al Nahyan amid the escalating West Asia conflict.
One of the six pacts was a strategic collaboration agreement signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company to strengthen India’s energy security, including cooperation in petroleum reserves and possible collaboration on liquid natural gas and liquefied petroleum gas (LPG) storage facilities.
It will enhance the UAE’s participation in India’s strategic petroleum reserves to 30 million barrels and set up strategic gas reserves in India, according to an official statement.