Published On: Mon, Jun 25th, 2018

Govt plans to participate in oil block auctions in UAE, says Pradhan

Oil Minister Dharmendra Pradhan today shakes hands with UAE’s Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.

New Delhi : Government is in talks with some UAE-based companies to jointly bid for oil blocks in UAE, India’s oil minister said on Monday.

“We are in talks that India could bid in the next licensing round of UAE with some Middle Eastern nation companies like Mubadala,” Dharmendra Pradhan, India’s oil minister said.

“Oil producers don’t want to miss India’s bus,” Pradhan said referring to India’s enhanced role in global markets.

India, the world’s third biggest oil importer and consumer, imports about 80 percent of its oil needs, mostly from the Middle East.

Pradhan said India would consider leasing a part of its third strategic reserve in South Indian city Padur if Abu Dhabi National Oil Company is interested.

ADNOC has leased a part of India’s strategic reserve at Mangalore.

Reuters

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