In­dian, UAE to build strate­gic part­ner­ship on energy

The Pak Banker - - BUSINESS -

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.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.