Abu Dhabi: PM Modi’s comprehensive visit to the Abu Dhabi delivered a big energy push for the nation. Th two countries have signed pacts to strengthen cooperation in energy security and petroleum storage. A slew of agreements including a framework for a strategic defence partnership, storage of 30 million barrels in Indian strategic petroleum reserves, supply of LPG and a ship repair cluster in Gujarat’s Vadinar were signed. The UAE also pledged investments totaling USD 5 billion in Indian infrastructure and RBL Bank and Samman Capital.
The agreements were signed following delegation-level talks with UAE President Mohamed bin Zayed Al Nahyan
A statement by the Prime Minister’s Office said, “The two leaders held a series of detailed discussions, during which the Prime Minister reaffirmed India’s strong condemnation of the attacks on the UAE, as well as its solidarity with leadership and the people of the UAE. Prime Minister also conveyed India’s clear position in favour of ensuring safe transit passage and unimpeded navigation through the Strait of Hormuz, which is vital for enduring regional peace and stability, as well as energy and food security.”
Noting that the impact of the West Asia conflict to global, PM Modi expressed support in efforts to restore peace and stability in the region. The oil storage agreement comes at a time when the whole world is grappling oil shortage amidst the ongoing West Asia war rising concerns over energy supply.
Alongside these agreements, UAE has also announced that it would accelerate construction of major oil pipeline project aimed at doubling its crude oil export capacity through Fujairah. The project is expected to significantly increase the UAE’s ability to bypass the Strait of Hormuz whose blockade has been impacting exports since the conflicts emerged.
The brief stopover at Abu Dhabi was a part of PM Modi’s tour of four European nations.
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