Modi meets Crown Prince; India and UAE sign 5 pacts
◗ Mr Modi will also witness the foundation stone- laying ceremony for the first Hindu temple
Abu Dhabi, Feb. 10: Prime Minister Narendra Modi held wide- ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on Saturday as the two sides signed five agreements including a historic pact awarding a consortium of Indian oil companies a 10 per cent stake in offshore oil concession.
Mr Modi, who arrived here from Jordan on the second leg of his threenation tour, was received by Mohammed Bin Zayed and other members of the Royal family at the airport. The two leaders hugged each other and exchanged pleasantries.
“We warmly welcome our state guest and valued friend, the Indian Prime Minister H. E.@ narendramodi to the UAE. His visit reflects our longstanding historical ties and is testament to our friendly bilateral relationship,” Mohammed Bin Zayed, also the Deputy Supreme Commander of the UAE Armed Forces, tweeted.
Mr Modi, who is here on his second visit to the UAE, held wide- ranging talks with and Mohammed Bin Zayed. Mr Modi had first visited the UAE as PM in August, 2015.
After their talks, the two sides signed five agreements related to energy sector, railways, manpower and financial services.
Mr Modi will also witness the foundation stonelaying ceremony for the first Hindu temple in the capital of the UAE, home to over three million people of Indian origin.
An MOU between Indian Consortium and Abu Dhabi National Oil Company was signed for the acquisition of a 10 per cent participating interest in the Abu Dhabi’s offshore Lower Zakum Concession, a statement issued by the Indian embassy here said.
The concession will be for 40 years from 2018 to 2057. Sixty per cent of the participating interest will be retained by ADNOC and remaining 30 per cent will be awarded to other International oil companies, the statement said.
“This is the first Indian Investment in upstream oil sector of UAE, transforming the traditional buyer- seller relationship to a long- term investor relationship,” it added.