The first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system took place on Monday between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL). The transaction involved the sale of about 1 million barrels of crude oil.
Both Indian Rupees and UAE Dirhams were used for the transaction, Indian Embassy in the UAE said in a press release.
India and UAE have a strong oil and gas relationship and the UAE is a key partner for India’s energy security. Petroleum and petroleum products form the backbone of bilateral trade between India and the UAE.
