India awaits ADNOC oil shipments
Abu Dhabi oil giant to help provide India with strategic petroleum reserve.
India is hoping the Abu Dhabi National Oil Company (ADNOC) will deliver the first consignment of crude oil for the country's 0.8mn tonnes strategic petroleum reserve at Mangalore in May, Minister for Petroleum and Natural Gas Dharmendra Pradhan said in New Delhi on Tuesday and cited by Reuters.
ADNOC has specified its oil shipments are booked for the next two months, Pradhan revealed, adding that the first delivery should arrive by May.
Pradhan was detailing the acquisition of a 10% holding in ADNOC's Lower Zakum offshore oil concessions by a consortium led by India's Oil and Natural Gas Corporation, which was formally announced earlier this week.
Pradhan added India would receive around 1.8mn tonnes of crude from the Abu Dhabi field per annum. India consumes more than 4mn barrels per day of oil.