New Delhi: India and the UAE on Monday signed several significant Memoranda of Understanding (MoUs), paving the way for cooperation between the two nations in sectors like nuclear energy and petroleum. The agreements were announced during the meeting held between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan at Hyderabad House in New Delhi.
The following MoUs/Agreements were signed during the visit, which set the stage for enhancing cooperation in traditional as well as new areas of cooperation.
- MoU on Nuclear Cooperation between Nuclear Power Corporation of India Limited (NNPCIL) and Emirates Nuclear Energy Corporation (ENEC)
- Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited
- MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL)
- Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC.
- MoU between Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) on food parks development in India
The MoU on Nuclear Cooperation is expected to enhance cooperation in the operation and maintenance of nuclear power plants, sourcing of nuclear goods and services from India, exploring mutual investment opportunities and capacity building.
The Agreement for long-term supply of LNG is for 1 million metric tonnes per annum (MMTPA) and is the third such contract signed in just over a year. Both IOCL and GAIL had previously signed long-term Agreements for 1.2 MMTPA and 0.5 MMTPA, respectively, with ADNOC. These contracts have strengthened energy security in India by diversifying LNG sources.
The MoU between ADNOC and ISPRL, inter alia, provides for exploring ADNOC's participation in additional opportunities for crude storage in India and the renewal of their storage and management agreement on mutually acceptable terms and conditions. This MoU builds on ADNOC’s existing involvement in crude storage at the Mangalore Cavern of ISPRL since 2018.
The Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat (a JV of IOCL and Bharat Petro Resources Ltd) and ADNOC is the first one for any Indian company operating in the UAE. The concession entitles Urja Bharat to bring crude oil to India, thus contributing towards the country’s energy security.
The MoU on Food Parks conveys ADQ’s expression of interest in developing Gundanpara, Bavla, Ahmedabad as a highly promising site for this ambitious project, with a view to commencing the Food Park project in Q2 2025. The government of Gujarat shall facilitate ADQ and AD Ports, to obtain detailed information regarding the site and assist in obtaining necessary permissions.
Abu Dhabi's Crown Prince India visit
The Abu Dhabi leader arrived in New Delhi to a warm welcome on Sunday as he kick-started a two-day maiden visit to India to further boost bilateral ties in a range of areas, including energy and connectivity, amid escalating tensions in West Asia. Commerce and Industry Minister Piyush Goyal received the Crown Prince at the airport following which he was accorded a ceremonial welcome, in reflection of the importance India has attached to the visit.
The Crown Prince is accompanied by several ministers from the UAE government and a business delegation. After concluding the Delhi leg of his visit, Al Nahyan will travel to Mumbai to participate in a business forum. Top business leaders from both countries will participate in the forum on Tuesday.
The visit of Al Nahyan will further reinforce strong ties between India and the United Arab Emirates (UAE) and open avenues for partnership in new and emerging areas, the Ministry of External Affairs (MEA) said.
