A long-term partnership between India and Dubai has been signed on Monday for the development of a strategic storage facility of oil in Mangalore.
While addressing a press conference in Dubai, Union Petroleum and Natural Gas Minister Dharmendra Pradhan said the strategic storage facility will ensure long-term partnership for strategic storage in Mangalore.
"Thirty contracts are being signed between the two countries in 60 oil fields having a resource potential of around 196 metric tonnes of oil and oil equivalent," Pradhan added.
He also mentioned the Open Acreage Licensing Policy (OLAP) programme which includes free marketing and pricing freedom, licensing and low regulatory risks in the oil and petroleum sector.
"The government will build 86 gas distribution areas which cover 24 per cent of India's area and 29 % of the population of the entire country," he said.
Pradhan, who had held several meetings with financiers and bankers to understand the financial problems being faced in India's oil and petroleum sector, also talked of reforms in the upstream gas sector as he said, "Dubai showcased opportunities for investment in the upstream sector and downstream gas sector."
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Earlier on Monday, Pradhan held a bilateral meeting with H.E. Dr Jaber. Minister Pradhan was accompanied by Ambassador Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum. He also flagged off the first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern.
Pradhan had visited UAE to attend the Downstream Investment Forum organised by Abu Dhabi National Oil Company (ADNOC).