Indian, UAE to build strategic partnership on energy
There is likely to be an increased cooperation in the energy sector after the visit of Indian Prime Minister Narendra Modi to the UAE this week.
In a joint statement, the two countries decided to promote a strategic partnership in the energy sector, including through UAE's participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors, and collaboration in third countries. India is a major importer of crude oil from the UAE. It imports about 270,000 of crude oil per day from the UAE with the country being the sixth largest supplier of the commodity to India.
Veerendra Chauhan, an oil analyst at the London-based Energy Aspects, told Gulf News over phone that the cooperation between the two countries is set to increase after Modi's visit. "India is putting a lot of emphasis on infrastructure and economic development. It needs secure supply of energy in the coming years and latest collaboration between India and the UAE will be important for the country." He said there will be investment opportunities for UAE based companies in the energy sector.
"We will see increased cooperation between the two countries as the economy of India grows. The UAE will be an important partner." The UAE Minister of Economy Sultan Saeed Al Mansouri told this week that the UAE is open to meet any demand for oil from India. "The issue of energy is quite a challenge for India. It is a growing nation and the economy is growing 6 to 7 per cent and the demand for oil is there," he told Gulf News on the sidelines of an investors meet attended by Modi.