Store our oil and take 2/3rd for free: UAE’s offer to India

February 11, 2016

New Delhi, Feb 11: In a first of its kind deal, UAE’s national oil company Adnoc has agreed to store crude oil in India’s maiden strategic storage, and give two-third of the oil to it for free.

UAE

India, which is 79% dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil to guard against global price shocks and supply disruptions.

Abu Dhabi National Oil Company (Adnoc) is keen on taking half of the 1.5 million tonnes Mangalore facility, oil minister Dharmendra Pradhan said on Wednesday.

It will stock 0.75 million tonnes, or 6 million barrels, of oil in one compartment of Mangalore facility. Of this, 0.5 million tonnes will belong to India and it can use it in emergencies. Adnoc will use the facility as a warehouse for trading its oil.

The 1.33 million tonnes Visakhapatnam storage, and 2.5 million tonnes Padur stockpile together with 1.5 million tonnes Mangalore storage will be enough to meet nation’s oil requirement of about 10 days.

After talks with visiting UAE minister for energy Suhail Mohammed Al Mazrouei, Pradhan said tax issue remains to be sorted out before Adnoc can begin storing oil at Mangalore.

Congress-ruled Karnataka government has not yet agreed on waiving VAT on the crude oil imported for the strategic storage, which UAE wants to use to stock oil when prices are low and supply to its customers when rates are good.

“This will be beginning of our strategic ties,” he said, adding that Prime Minister Narendra Modi’s visit to UAE in August last year, the first by an Indian Prime Minister in 38 years, laid the foundation of closer cooperation.

The UAE had then committed to invest $75 billion in India, and Pradhan on Wednesday showcased to Mazrouei opportunities for that investment.

“We have offered them refinery projects, petrochemical plans, pipelines and LNG terminals for investment,” he said.

On offer was 26% stake for $700 million in ONGC’s about-to-be-commissioned petrochemical project at Dahej in Gujarat, and 24% equity for $200 million in expansion being planned by BPCL of its subsidiary Bina refinery in Madhya Pradesh from 6 million tonnes to 7.5 million tonnes.

Also, an investment of $530-850 million can get the UAE 25-40% stake in HPCL’s planned petrocehmical plant on the Andhra coast, he said, adding that the Gulf national can also invest in the planned 60 million tonnes in Maharashtra and the Jagdishpur-Haldia and Paradip-Surat gas pipelines.

“UEA makes up for 8% of our oil imports. We are trying to import more oil from UAE. In 2016-17, we plan to import 2.5 million tonnes more oil than current year’s purchase of 16.11 million tonnes,” he said.

Besides Adnoc, Kuwait Petroleum Corp (KPC) too has evinced interest in hiring a part of the maiden strategic storage.

Comments

shamshuddin mohammed
 - 
Thursday, 11 Feb 2016

Dear mangaloreans Tear your passport now and say Goodbye to Gulf Countries, Now you have become Oil Rich Mangaloreans Hats off........... smile please.....

mohammad.n
 - 
Thursday, 11 Feb 2016

Dubai petrol in India, American nuclear in India. What next? Can we get some safe place to live peacefully ???!!!!

AK
 - 
Thursday, 11 Feb 2016

The Hindus are Fooled to fight the muslims but the leaders are just hugging the muslims to worldly gain.. What a POLITICS ! the hindus are FOOLED by cheddis and they are hugging each other.
Dear sharan pumpwell.. please U may need arab support later when u will exhaust from communal riots.. People will fed up and may throw u out of the country to arab lands.. So avoid creating COMMUNAL riots.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 23,2020

New Delhi, Apr 23: Congress president Sonia Gandhi on Thursday accused the BJP of spreading the virus of communal prejudice and hatred in the country, asserting that "grave damage" is being done to social harmony

Addressing a meeting of the Congress Working Committee, Gandhi said it should worry every Indian and her party will have to work hard to repair this damage.

"Let me also share with you something that should worry each and every one of us as Indians. When we should be tackling the coronavirus unitedly, the BJP continues to spread the virus of communal prejudice and hatred," she said.

"Grave damage is being done to our social harmony. Our party, we will have to work hard to repair that damage," the Congress president added

Former prime minister Manmohan Singh, former Congress president Rahul Gandhi and top Congress leaders attended the meeting through video conference

This is the second time the CWC, the Congress' top decision-making body, is meeting through video-conferencing in the past three weeks ever since the lockdown was enforced to contain the coronavirus threat.

The Congress president said the coronavirus pandemic has increased disturbingly in the past three weeks and called upon the government to increase testing for it

Gandhi said she has written several times to the prime minister since the lockdown was enforced and suggested several measures and constructive cooperation

"Unfortunately, they have been acted upon only partially and in a miserly way. The compassion, large-heartedness and alacrity that should be forthcoming from the central government is conspicuous by its absence," she said

The Congress chief said the focus of the party must continue to be on successfully engaging with health, food security and livelihood issues.

She claimed that around 12 crore people have lost jobs in the first phase of the lockdown and urged the government to provide a relief package for the MSME sector, which accounts for one-third of the GDP

Gandhi called upon the government to provide food and financial security to migrants and jobless stranded at various places and were desperate to reach back home

"We have repeatedly urged PM there is no alternative to testing, tracing and quarantine. Unfortunately, testing still remains low, testing kits still in short supply," she noted

Gandhi said trade, commerce and industry have come to a virtual halt and crores of livelihoods have been destroyed.

"The central government does not appear to have a clear idea on how the situation will be managed after May 3rd. A lockdown of the present nature after that date would be even more devastating," she said

Former prime minister Manmohan said the success of the lockdown will be judged finally on India's ability to tackle COVID-19

He also said the cooperation between the Centre and states was key to success of the country's fight against coronavirus

Singh said it is necessary to focus on a number of issues in the fight against coronavirus

The fight against COVID-19 would very much depend upon the availability of resources, he noted

Rajasthan chief minister Ashok Gehlot said unless the central government comes forward to financially help states, the fight against COVID-19 will get weakened

"Unless there is a big financial package for states, how will normalcy return to states post lockdown," he asked

Chhattisgarh chief minister Bhupesh Baghel said unless the Centre rises to the occasion and provides financial assistance to states, how will the fight against COVID-19 be won

Puducherry chief minister V Narayanasamy said the Union government has not given any assistance to the states

"How will states survive in times of crisis. We are not enemies but have to act and work together," Narayanasamy said at the CWC meet.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 12,2020

Gurugram, Jul 12: Union Home Minister Amit Shah on Sunday said that the whole world was appreciating India's successful fight against the COVID-19 pandemic.

Speaking ahead of the mega tree plantation drive of the Central Armed Police Forces (CAPFs) at the Central Reserve Police Force (CRPF) Officers' Training Academy in Kadarpur village here, the Home Minister also lauded the contribution of security forces in the battle against COVID-19 in the country.

"India is one of the most populous countries. Everyone thought how will a country like India battle COVID-19, there were apprehensions but today the whole world is witnessing how one of the most successful battles against COVID-19 has been fought here," the Home Minister said.

"In India's battle against COVID-19, all of our security forces are playing a huge role, nobody can deny it. Today, I salute these corona warriors. They have proved that they not only know how to fight terrorism but also against COVID with help of people," he added.

The Union Home Minister said that many jawans have given up their lives during the COVID-19 crisis phase and paid tributes to them.

"I have talked to families of those jawans and today once again I thank them, your sacrifice will not go waste. Whenever the history of the human race's fight against COVID-19 is written, the contribution of India's security forces will be mentioned in golden ink," he said.

He also hailed the plantation drive and said that trees planted today should be taken care of by the jawans till they reach maturity, he added the trees chosen for plantation today consisted mostly those which had a long life and would help the generations to come.

Together the CAPFs have targeted to plant around 10 lakh tree saplings across the country today. Heads of all the CAPFs or their representatives were present in the event held at Gurugram. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 9,2020

New Delhi, May 9: The Supreme Court on Friday agreed to consider a plea raising the issue of mass termination and the illegal salary cut of employees in IT/ITES/BPO/KPI by their employers during the lockdown due to the spread of the coronavirus.

A bench comprising Justices Ashok Bhushan, S.K. Kaul and B.R. Gavai, taking up the matter through video conferencing, agreed to examine the issue and listed it for May 15.

The petition, argued by senior advocate Devadatt Kamat, was filed by National Information Technology Employees Sena (NITES) through advocate-on-record Amit Pai, and sought implementation of directions issued by the Centre on March 29 and similar advisories issued by several other states mandating payment of wages/salaries to the employees and also directed not to terminate them during the period of lockdown.

A directive was issued by the Union Ministry of Labour and Empowerment to all Chief Secretaries of state governments to issue advisories to public and private companies to not lay off employees or implement pay cuts during lockdown.

In the Centre for Monitoring Indian Economy (CMIE) report published on April 19, it was noted that "several companies across the country have started to terminate its employees without any reasonable cause and have started withholding their salaries. It is submitted that in such testing times, the rights of the employees ought to be protected by necessary orders/directions to the companies through the Respondents to effectively implement the lockdown and to contain the spread of the virus", said the plea.

On March 29, the Centre issued an order directing all states and Union Territories to issue orders, requiring all the employers in the industrial sector and shops and commercial establishments to pay wages on the due date without any deduction during their closure due to the lockdown.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.