By Enersider | New Delhi
Indian Prime Minister Narendra Modi is set to make a brief visit to the United Arab Emirates on 15th May, energy security is expected to be a major discussion with the UAE leadership. The visit comes at a crucial time as India faces growing concerns over global energy supplies disrupted by the ongoing U.S.-Israeli conflict with Iran.
Image Credit: ANI
The UAE will be the first stop on Modi’s five-nation tour scheduled from May 15 to 20. During the visit, Modi is expected to meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral cooperation, with a strong focus on long-term crude oil and cooking gas supplies. Sources said that India may also seek support from the UAE to expand its strategic petroleum reserves. The UAE’s recent exit from OPEC is expected to boost its output and help countries like India.
India, the world’s third-largest energy importer is actively trying to secure stable fuel supplies amid global geopolitical uncertainty. The UAE remains one of India’s key suppliers of crude oil and natural gas. Earlier this year, India signed a $3 billion liquefied natural gas deal with Abu Dhabi.
India currently operates three strategic oil reserve facilities with a combined capacity of 5.33 million metric tons and plans to add two more facilities with an additional 6.5 million metric tons capacity. Around 1.5 million metric tons of the existing storage has already been leased to Abu Dhabi National Oil Co (ADNOC).
The UAE is India’s third-largest trading partner and hosts over 4.5 million Indians. Both countries aim to increase bilateral trade to $200 billion within the next six years.
