UAE to store crude oil in Mangaluru petroleum reserve

February 11, 2016

New Delhi, Feb 11: The United Arab Emirates’ (UAE) Abu Dhabi National Oil Company (ADNOC) will store crude oil in India’s 1.5 million tonnes-Mangalore strategic petroleum reserve using it as a wholesale storage capacity and sell to the Indian refiners whenever needed, oil minister Dharmendra Pradhan said after a meeting with visiting energy minister Suhail Mohammed Al Mazrouei.

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India also informed Al Mazrouei that state-run companies ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Oil India Ltd were interested in taking stakes in oil fields that are under production and in securing hydrocarbon exploration permits in the Persian Gulf country.

An oil ministry statement quoted Pradhan as saying Indian companies were also interested in acquiring a stake in Abu Dhabi Company for Onshore Petroleum Operations Ltd. (ADCO), another company held by the UAE through ADNOC. Pradhan also offered New Delhi’s idea of a strategic reserve is primarily to tide over any possible supply disruption due to geopolitical reasons, rather than to build up an inventory of cheap oil, officials privy to the development explained.

Pradhan said that ADNOC was working with the Indian Strategic Petroleum Reserve Ltd (ISPRL) which is building the strategic reserve in Mangalore. “The project is on track and will be concluded soon,” the statement said quoting Pradhan.

ISPRL is also building two other reserves at Visakhapatnam in Andhra Pradesh and at Padur in Karnataka. The three facilities have a total storage capacity of 5 million tonnes of crude, which could meet a few days’ requirement. India imported 189 million tonnes of crude in 2014-15, about 80% of its total requirement. ADNOC will store about half of the capacity in the Mangalore reserve.

Former foreign secretary Kanwal Sibal described the development as a significant breakthrough. “We have been talking to the UAE on this matter for a number of years. It is only after Prime Minister Narendra Modi’s visit (in August) that various aspects of the relationship (including the strategic oil reserve) have begun to move forward. It should be seen as a foreign policy success,” said Sibal.

Pradhan also sought investments from the UAE on the ongoing state-run projects in India such as ONGC Petro Additions Ltd’s petrochemical project at Dahej in Gujarat, and HPCL’s refinery-cum-petrochemical plant in Andhra Pradesh.

The UAE is expected to invest in the newly created National Investment and Infrastructure Fund (NIIF) aimed at increasing infrastructure financing in the country. Discussions on a pact were concluded after India agreed to have a UAE representative on the board of NIIF, a government official said, speaking on condition of anonymity.

In December, the Indian government announced steps to set up NIIF. The government budgeted a contribution of Rs.20,000 crore for the fund in fiscal year 2015-16 while another Rs.20,000 crore is expected to be raised from sovereign wealth funds. It is unclear, at the moment how much the UAE proposes to invest in NIIF.

Finance ministry officials had earlier indicated that the Abu Dhabi Investment Authority, Russian Direct Investment Fund, Singapore’s Government Investment Corporation and Temasek have expressed interest in investing in NIIF. The ministry is currently in search of a chief executive officer, a post for which more than 70 executives from the private sector have applied. A final selection is expected by March end.

The investment pact with the UAE, one among about a dozen, is to be signed during the visit of General Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the armed forces of the UAE, who began his three-day visit to India on Wednesday.

Prime Minister Narendra Modi, during a visit to the UAE in August—the first by an Indian Prime Minister in 34 years— had urged the host nation to invest in India’s infrastructure sector, pointing out that Asia’s third largest economy has the potential to absorb as much as $1 trillion in investments in the sector.

At a briefing on Wednesday, Anil Wadhwa, secretary, East, in the foreign ministry, noted that the UAE has emerged as one of the top sources of foreign direct investment in India since 2000, with cumulative investments of $3.3 billion besides some $5 billion in portfolio investments.

The UAE controls the second largest sovereign wealth fund in the world—around $800 billion—under the Abu Dhabi Investment Authority. “This is an important source of investment for the Indian infrastructure sector,” Wadhwa told reporters.

“During the visit of the Prime Minister, it was also decided to encourage investment institutions in the UAE to raise investments for the infrastructure sector in India with the target of reaching $75 billion. So the UAE has been invited to participate in the NIIF in India,” he said.

According to Indian and UAE diplomats, the two countries are expected to amplify on a joint statement issued during Modi’s visit that referred to security and strategic issues among other subjects.

In the August joint statement in which both countries had noted the upgrading of ties to a “comprehensive strategic partnership,” India and the UAE agreed to regularize a dialogue between their national security advisors, strengthen maritime security in the Arabian Gulf and Indian Ocean region, and reinforce defence ties through regular exercises of naval, air, land and special forces.

They also agreed to “coordinate efforts to counter radicalization and misuse of religion by groups” besides denouncing terrorism. New areas of cooperation identified included defence production, strategic partnership in security and counterterrorism, cooperation in civil nuclear energy and space besides energy, Wadhwa said.

The UAE has plans to send a mission to Mars by 2020, Wadhwa said, adding that India is looking at offering help in launching the mission, given its own capabilities in the area. India launched its own successful Mars Orbiter Mission in 2014. In the area of defence production, India would be looking at exports of hardware produced in India to the investing partner country as well as third countries, Wadhwa said.

Comments

chaithresh
 - 
Saturday, 13 Feb 2016

Our namo narenda modi s doing something good for the development of India...we being Indians shouldn't blame him..we should support him.. no one hs thr capacity or dare like our PM has.. .please always think n thn write...guys. name.. I support narenda modi..Jai hind

Anupama
 - 
Friday, 12 Feb 2016

Modi is a gold/oil digger. In the name of development he is polluting a beautiful city. Lobbying against farmers who provide food for the country due to his selfish motives.

Syed Kazi
 - 
Thursday, 11 Feb 2016

Why cant they store their wealth, money, gold and dollars in our storage tanks and give 2/3 free to us as RENT.....

rikaz
 - 
Thursday, 11 Feb 2016

UAE has been so generous to Indians.....

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News Network
January 11,2020

Bengaluru, Jan 11: Scholar and writer M Chidanadamurthy passed away at a private hospital here on Saturday.

He was 88 and is survived by wife, son and daughter.
He was a well-known scholar in Karnataka specialising in the history of Kannada language and ancient Karnataka.

He was also known for his campaign to conserve the monuments Hampi and to secure classical language status to Kannada Language. Murthy has also articulated that uniform civil code and an anti-conversion law must be enacted by the Government in India.

Murthy was the head of the department of Kannada Bangalore University. He was also associated with Kannada Shakti Kendra. As a historian most of Murthy's work has focused on scientific study of the Kannada Inscriptions.

He has attempted to contextualise inscriptions in their socio cultural setup. He has produced many books on the history of Kannada language and Karnataka. He has guided many research students.

Murthy was recipient of Rajayothsava, Sathiya Academy Award , Papama award and Alava’s Nudisiri award.
His mortal remains were kept at his residence for his fellow mates and relatives.

Several dignatories like B S Yediyurappa, S L Bhyrappa, S Suresh Kumar, V Somanna expressed their condolences to the veteran's death.

The final rituals will be held on Sunday with state honour.

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News Network
May 25,2020

The government of India has added 141 more flights to West Asian countries for the second phase of Vande Bharat Mission, its massive repatriation programme for citizens stranded overseas because of Covid-19-related travel restrictions.

The second phase was to end on May 22. However, External Affairs Ministry Spokesperson Anurag Srivastava said the ongoing phase will last till June 13 and that India is looking at making Frankfurt a hub for the mission.

With these new flights, more than half of them to the United Arab Emirates, the total number of flights in the second phase of the programme have gone up to more than 400, people familiar with developments said on condition of anonymity.

The flights were added due to increased demand from citizens stranded in West Asian countries and the availability of adequate quarantine facilities in states for the returning Indians, the people said. As with all the flights operated so far under Vande Bharat Mission, priority will be given in the second phase to Indian nationals with compelling reasons for returning to the country, they added.

The additional flights are from the UAE (81 flights), Oman and Saudi Arabia (15 flights each), Kuwait (14 flights), Qatar (11 flights) and Bahrain (five flights).

A majority of the flights are bound for Kerala (84 flights), while the other destinations are Delhi (10 flights), Tamil Nadu (nine flights), Telangana (six flights) Gujarat and Jammu and Kashmir (five flights each), Bihar, Rajasthan and Uttar Pradesh (four flights each), Punjab (three flights), Odisha and West Bengal (two flights each), Chandigarh, Karnataka and Goa (one flight each).

The other 260-odd flights being operated during the second phase of Vande Bharat Mission are from Armenia, Australia, Bangladesh, Belarus, Belgium, Canada, Egypt, Finland, France, Georgia, Germany, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Kenya, Kyrgyzstan, Malaysia, Mauritius, Myanmar, Nepal, the Netherlands, New Zealand, Nigeria, Oman, the Philippines, Russia, Singapore, South Korea, Spain, Sri Lanka, Sweden, Tajikistan, the UK, Ukraine and the US.

The second phase of the repatriation programme began on May 16 and will continue till June 13, with all the flights being operated by state-run Air India and its subsidiary Air India Express. Private airlines are likely to be included in the third phase.

As of Thursday, a total of 23,475 Indians have been repatriated under Vande Bharat Mission. The second phase had included new destinations such as Istanbul, Ho Chi Minh City and Lagos, and had increased flights to the US and Europe.

More than 259,000 Indians in 98 countries across the world have registered to return under Vande Bharat Mission. Most of them are workers (28%), students (25%), professionals (14.5%), and short-term visa holders such as tourists (7.6%). Fishermen, deportees and Indian nationals who benefited from visa amnesties have also registered.

Comments

Uwaiz
 - 
Tuesday, 26 May 2020

No flights from oman to manglore nor to Banglore 

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News Network
July 23,2020

Bengaluru, Jul 23: The opposition party Congress on Thursday demanded a judicial enquiry in the alleged scam in coronavirus related medical equipment procurement by Karnataka government.

However, Deputy chief minister Ashwathnarayan and Home Minister Basavaraj Bommai denied all the allegations.

Leader of Opposition (LoP) and former Chief Minister of Karnataka Siddaramaiah and Karnataka Congress president DK Shivakumar addressed a press conference here and demanded a judiciary enquiry under a sitting High Court judge to investigate "BJP's Corona Scams."

"I made allegations on July 3. Nobody has denied it officially. On July 20, Karnataka Health Minister B Sriramulu and Deputy Chief Minister Ashwathnarayan in a press conference denied my allegations. Today, I furnished 14 documents. If you go through it, you will find corruption and misappropriation in medical equipment purchase," Siddaramaiah said.

"The documents are available with the government, how can they deny their own documents. They are telling that they have spent only Rs 324 crore but according to me the government has spent more than Rs 4,000 crore and nearly Rs 2,000 crore went in the minister and bureaucrats' pockets," he said.

He further said, "Centre has procured 50,000 ventilators under PM Cares at a cost of Rs 4, lakh per unit. Tamil Nadu has procured at Rs 4.78 lakh. But in our state, the price is between Rs 5.6 lakh to Rs 18.2 lakh. Is this not corruption?"

Siddaramaiah also dared the government to step up for an enquiry if they are "honest and transparent".

"I am demanding, constitute a judicial committee headed by sitting high court judge, let there be an enquiry in detail," he said.

DK Shivakumar said that his party has made the allegations based on government documents and media reports showing corruption.

"Karnataka government is purchasing equipment at high rates. We have exposed BJP's Rs 2,000 crore scams today. The government's main focus is to loot. They have paralysed the state administration," he said.
Denying the Congress' allegations, Deputy Chief Minister, Ashwathnarayan said that the government is ready to discuss this in the Assembly house.

"They have alleged Rs 700 crore misappropriation by health department but we have shown we have spent only Rs 290 crore," he said.

Giving details of the SDRF expenditure towards COVID-19 containment he said, "We have released Rs. 23,220.01 lakh in SDRF accounts and they have spent Rs Rs. 15, 918.99 lakh in various activities like migrant relief measures, measures for quarantine, sample collection, screening from March 14 to July 16."

Karnataka Home Minister, Basavaraj Bommai, said, "Karnataka government has spent Rs 506 crores for medical equipment and Rs 1,611 crores for other activities related to combatting COVID-19. So, we have spent Rs 2,117 crores as of now and there is no corruption in it."

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