India and the United Arab Emirates agreed
on 15 May 2026 to enhance energy cooperation through the storage of crude oil
in India’s Strategic Petroleum Reserves
¨ India and the United Arab
Emirates agreed on 15 May 2026 to enhance energy cooperation through the
storage of crude oil in India’s Strategic Petroleum Reserves (SPR).
¨ Under the agreement, the
UAE will be able to store up to 33 million barrels of crude oil in India.
¨
The understanding was
linked to talks held in Abu Dhabi between Prime Minister Narendra Modi and UAE
President Mohamed bin Zayed Al Nahyan.
¨
India’s Strategic
Petroleum Reserve is a crude oil storage system developed for emergency supply
management.
¨ Indian Strategic
Petroleum Reserves Limited (ISPRL) manages India’s strategic crude oil storage
facilities.
¨ India’s operational strategic
storage sites are located at Visakhapatnam, Mangaluru, and Padur.
¨
Expansion projects at
Chandikhol in Odisha are also under discussion.
¨
ISPRL signed a strategic
cooperation agreement with Abu Dhabi National Oil Company (ADNOC).
¨
The agreement also
includes cooperation related to strategic gas storage.
¨ Indian Oil Corporation
and ADNOC are also part of a long-term LPG supply arrangement.
¨ Fujairah is a major oil storage and bunkering hub located on the Gulf of Oman.
¨ The India-UAE energy agreement also includes the possibility of storing Indian crude oil in Fujairah.
