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UAE Signs Oil Agreement for Strategic Storage

Written by: Editor

 

UAE signs oil agreement for strategic storage.jpg

An important agreement regarding oil storage has been signed between Indian Strategic Petroleum Reserves Ltd and Abu Dhabi National Oil Company (ADNOC). This move represents as well a way of strengthening the ties between these two nations in view of future cooperation and economic partnership.

The main provisions of the oil agreement between UAE and India

 
The pact provides that India allows the Emirates to fill and use the storage facility located in the south of the country. In return, in case of emergency, India maintains its first rights in accessing the reserve. At the same time, Abu Dhabi National Oil Company has open access to the reserve so that it can move cargoes in order to meet the demands for crude oil. 
 
Several Indian officials and representatives of the Golf Nation Oil Company have met to discuss and draw the terms of the agreement. They have developed together the framework for this joint venture in the energy sector.
 
Our attorneys in Dubai can offer more information regarding the legal implications of the agreement on the firms operating in the oil business.

The importance of the oil agreement between India and UAE

 
The oil agreement signed between India and UAE is an energy partnership that has a huge importance for the security of the two countries. 
 
The pact is only one of several cooperation agreements signed between the two nations in the past year. Another such pact is the transportation and logistics agreement which facilitates cooperation and the sharing of technology and best practices between the two countries.   
 
As the officials have declared, the oil agreement represents a long-term supply contract and it is expected to bring strategic benefits to both nations. The cooperation between India and the UAE brings no doubt as well new investment opportunities for foreign investors
 
Don’t hesitate to contact our law firm in Dubai for details and legal advice concerning future investments in the oil sector in Dubai. Our lawyers remain at your disposal through a wide range of legal services. 
 

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