more-inIndia signed a deal with the United Arab Emirates that allows the Gulf nation to fill half of an underground crude oil storage facility at Mangaluru that is part of New Delhi’s strategic reserve system. Underground cavernsUAE’s Abu Dhabi National Oil Co. (ADNOC) will store about six million barrels of oil at Mangaluru, taking up about half of the site’s capacity, said Sunjay Sudhir, joint secretary for international cooperation at the Indian oil ministry. “This will...help to ensure India’s energy security and enable us to meet the nation’s growing demand for energy,” said Indian oil minister Dharmendra Pradhan. India has already filled the other half of the Mangaluru storage in Karnataka state with six million barrels of Iranian oil. India, the world’s third-biggest oil consumer, has also filled a Vizag storage site in southern Andhra Pradesh with 7.55 million barrels of Iraqi oil and has invited bids from suppliers to fill an 18.3 million-barrel facility at Padur in Karnataka.

Source: The Hindu January 25, 2017 17:48 UTC