NEW DELHI, CRUDE OIL : The Indian cabinet on Wednesday allowed Abu Dhabi National Oil Co (ADNOC) to export oil from a Mangalore strategic storage, a government minister said, marking a policy shift that could enhance foreign participation as India seeks to expand its storage capacity.
Allowing ADNOC to export its oil mirrors a model adopted by countries such as Japan and South Korea which allow oil producers to re-export crude storage. India does not allow oil exports.
“The move will facilitate trade for ADNOC,” Prakash Javadekar, minister of environment, told a news briefing.
