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PM Modi-UAE Energy Deal: Under the partnership, a very historic energy agreement has been signed between India and UAE. During the successful visit of Prime Minister Narendra Modi to Abu Dhabi, both the countries have expressed their firm consent on this important deal. With this big and important agreement, India’s energy security will now become much stronger. This decision taken between the two countries will not cause any major problem in the supply of crude oil.

Under this new agreement, UAE will now store its crude oil in India’s Strategic Petroleum Reserve. This deal has been signed between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company. Through this, UAE’s total participation in India’s petroleum reserves will be increased to 30 million barrels. Amidst the increasing tension in West Asia, this agreement will prove to be a huge security shield for India.

Discussion between the two leaders on maritime trade crisis

Nowadays, there is a lot of concern about energy supply across the world. For this reason, India and UAE have laid great emphasis on safe maritime trade routes. Unimpeded movement of ships through the Strait of Hormuz has been said to be extremely important for the economy. To further strengthen energy partnership, there was also an important discussion on gas reserves. Both the countries have talked about working together on creating a new strategic gas reserve in India. With this, all the future needs of energy and gas in India will be met quite easily.

New agreement for LPG, LNG and crude oil supply

A very special agreement has also been signed between Indian Oil Corporation and ADNOC regarding LPG. Indian customers are going to get a lot of benefits in the future from this long-term LPG supply deal. On this important occasion, the Ministry of External Affairs has described UAE as the most important partner for India’s energy security.

During this special diplomatic visit, both the countries also talked about the supply of LNG and crude oil. Both countries expressed their firm agreement to further expand this important energy cooperation in the future. It is clear from this that the mutual relations between India and UAE will reach new heights in the field of energy.

UAE will invest five billion dollars in India

Apart from the energy sector, a big and important announcement has also been made during this important visit regarding huge investments. UAE will soon make a big investment of 5 billion dollars in various sectors of India. This huge investment will be made mainly in important sectors of the country like banking, infrastructure and finance.