The Union Cabinet on Wednesday allowed Abu Dhabi National Oil Co (ADNOC) to trade half of the crude oil it has stored in Indian underground strategic reserves.
Till now, ADNOC, which has hired half of 1.5 million tonnes underground storage at Mangaluru, was allowed to commercially use 35 per cent of the oil stored. It could trade or sell another 15 per cent with the explicit approval of the government.
