Publicado: Lun, May 14, 2018
Global | Por Milagro Delgado

Dharmendra Pradhan requests energy business stakeholders to invest in India

Dharmendra Pradhan requests energy business stakeholders to invest in India

This important partnership will further strengthen the close energy cooperation that exists between India and the UAE and builds on the historic acquisition of a stake in the Lower Zakum offshore concession by Indian Companies.

ADNOC will again welcome long-term partners who bring operational expertise, technology, financial acumen and the ability to develop and open new markets. "I appeal all the stakeholders in this energy business to come and invest in India", added Pradhan.

"Importantly, the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments", he added. Our per capita energy consumption is very modest which will increase in the coming years. Indian energy consumption is expected to more than double by 2040, accounting for 25 percent of the rise in global energy, and the largest absolute growth in oil consumption.

Adnoc will again look to create long term downstream partnerships, providing access to the most attractive parts of the energy value chain, to redefine he company's future growth. The UAE last year approved five-year spending plan of Dh400bn to be invested in exploring for the country's sour gas reserves as well as acquiring and developing downstream assets overseas.

Pradhan is visiting UAE as a follow-up to the February 2018 visit of Prime Minister Narendra Modi to that nation.

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An amended and restated oil storage and management agreement was signed between ISPRL and ADNOC during the visit of Prime Minister Narendra Modi to the UAE. "Our government's endeavour to provide affordable, sustainable and clean cooking fuel, energy and electricity provides a plethora of investment opportunities in India", he said while addressing over 250 Indian professionals, business leaders and community representatives working in the UAE.

"Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player", said ADNOC Group CEO and UAE Minister of State Dr. Sultan Ahmed Al Jaber.

Adnoc will meet its target of boosting oil-production capacity to 3.5 million barrels a day by the end of the year, Al Jaber said in an interview with Bloomberg earlier this month.

The Abu Dhabi National Oil Company (ADNOC) will invest AED 165 billion ($45 billion) over the next five years as it works to create the world's largest and most advanced refining and petrochemicals complex and become a leading player in the global downstream industry, the company announced on Sunday.

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