Govt allows ADNOC to export crude oil stored in Indian strategic reserves

New Delhi: The Cabinet has permitted Abu Dhabi National Oil Company (ADNOC) to export crude oil it has stored in Indian strategic reserve and lowered the quantity of crude oil it must always keep in the emergency stockpile in a bid to make it commercially more attractive for the foreign investor.

ADNOC and Saudi Aramco, the two companies that have shown interest in filling Indian strategic reserves, have been demanding the freedom to re-export crude from Indian strategic reserves with the ambition to make India a regional crude storage hub from where they can serve neighbouring countries like Bangladesh and Sri Lanka.