(Image source from: India)

India and the UAE are likely to sign two new key agreements shortly, Indian Ambassador to the UAE announced in Abu Dhabi on Wednesday.

The two agreements, expected to sign are  a comprehensive strategic partnership, which lists several sectors of cooperation between both countries and agreement linked to oil storage in strategic petroleum reserves of India.

Indian Ambassador to the UAE, T.P. Seetharam, said that, “we expect to sign the agreement on the strategic petroleum reserves soon. The draft has been prepared and only tax matters have to be cleared.”

Abu Dhabi National Oil Company (Adnoc) is eager to take storage at the Mangalore facility, situated on the west coast of India, under the strategic petroleum services agreement. The company plans to stock 0.75 million tonnes or six million barrels of oil at the facility and provide two- thirds of that to India.

Indian Ambassador said that, “India is a huge market and is the fastest growing economy in the world. There is interest in India from many countries, including the UAE. The scope for collaboration is huge.”

He said about the visit of Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces in India, that, “the Abu Dhabi Crown Prince was received with warmth by India’s Prime Minister Modi who broke protocol to welcome the Crown Prince on his arrival at the airport.”

Nandini