TIL Desk/Business/New Delhi/ The price that India will pay for the 10 per cent concession in Abu Dhabi’s Lower Zakum oilfields will emerge after the bids are in for the remaining 30 per cent that the Emirate intends to lease out, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Tuesday.
He also said the first oil from the Abu Dhabi National Oil Co (Adnoc) for India’s strategic petroleum reserves at Mangalore – under an agreement signed with the Indian Strategic Petroleum Reserves Ltd. during Prime Minister Narendra Modi’s visit to the UAE last week – would be arriving in May this year.Modi’s second visit to the United Arab Emirates (UAE) resulted in an Indian consortium gaining stake for the first time in Abu Dhabi’s massive oil resources.
An MoU was signed on Saturday in Abu Dhabi between an Indian consortium comprising of state-run explorer ONGC Videsh, Bharat PetroResources, Indian Oil and Adnoc for the acquisition of 10 per cent participating interest in its offshore Lower Zakum Concession. The UAE is one of the largest suppliers of crude oil to India and is also the 10th largest investor.
