OPEC member United Arab Emirates will invite Indian firms for upstream oil and gas investments, giving the energy-deficient country a rare chance to be involved in the hydrocarbon sector of the oil-rich region that accounts for most of its energy imports.
Abu Dhabi National Oil Co (Adnoc) chief executive Sultan Ahmed Al Jaber said the strategic partnership with India had taken a significant step with the deal to store crude oil in India's strategic reserves, and a lot more was in the offing, including his company's investment in new and existing refineries and petrochemical plants.
The Adnoc chief said ties with India, one of the biggest energy consumers in the world, were of utmost importance.
«India sits very high on our strategic partnerships and strategic economic relationships agenda and we would do everything we can to expand that relationship and to develop new avenues for partnerships and cooperation. We are very serious about this relationship,» he said.
On his own company's investment plans in India, he said Adnoc would not like to be limited by an investment number and would seek out all opportunities, particularly in refining and petrochemicals.
«Our approach is going to be a mix of different models. Some are going to be direct investment in existing assets, some are going to be projects that we develop as greenfield jointly from scratch, whether it's in petrochemicals or refining.»
Adnoc signed an agreement with Indian Strategic Petroleum Reserves Ltd to store 5.8 million barrels in India.
The company would also seek investment opportunities in renewable energy, which it has pursued for a decade to become a broad-spectrum energy player.