On Monday, India and the United Arab Emirates (UAE) signed four significant agreements, marking a substantial enhancement of their strategic partnership. Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan engaged in discussions to advance cooperation across various sectors, including energy, nuclear technology, and food security.
Key Agreements Include:
1. Long-Term LNG Supply: The agreement between the Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd (IOCL) secures a long-term supply of one million metric tonnes of liquefied natural gas (LNG) per annum. This deal is the third such contract signed in recent years, following previous agreements with IOCL and GAIL.
2. Nuclear Energy Cooperation: A new pact between Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) aims to strengthen cooperation in operating and maintaining nuclear power plants, sourcing nuclear goods, and exploring investment opportunities in the civil nuclear sector.
3. Crude Oil Storage: The MoU between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) focuses on expanding ADNOC’s role in crude storage in India and renewing their existing storage agreement. ADNOC has been involved in storage at ISPRL’s Mangalore Cavern since 2018.
4. Production Concession Agreement: The agreement for Abu Dhabi Onshore Block One between Urja Bharat (a joint venture of IOCL and Bharat PetroResources Ltd) and ADNOC is the first such venture by an Indian company in the UAE, aimed at enhancing India’s energy security by bringing crude oil to India.
Additionally, a pact between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC will establish food parks in India, with the first project set to start in the second quarter of 2025.
The discussions also covered potential new areas such as nuclear energy, green hydrogen, critical minerals, and artificial intelligence. Both leaders expressed satisfaction with the progress under the India-UAE Comprehensive Strategic Partnership and the Comprehensive Economic Partnership Agreement (CEPA), which has been instrumental in deepening economic ties.
Crown Prince Al Nahyan’s visit included paying tribute to Mahatma Gandhi at Rajghat, a gesture reflecting the deep historical ties between the two countries. The visit underscored the strong and growing relationship between India and the UAE, with about 3.5 million Indians forming the largest expatriate community in the UAE.
