Abu Dhabi to ramp up crude storage, India’s reserve may go up 70%
NEW DELHI: India’s crude security is all set to get a boost with its reserve likely to increase by nearly 70% from 5.3 million tonnes, as the UAE’s Abu Dhabi National Oil Company (ADNOC) has agreed to ramp up crude oil storage to as much as 30 million barrels.
Officials said the UAE already has leased storage capacity at Mangalore in India, where it keeps nearly 6 million barrels, or around eight lakh tonnes, of crude. Ramping up the storage to 30 million barrels will add over four million tonnes of crude to India’s overall strategic reserves.
