UAE to store crude oil in Mangaluru petroleum reserve

February 11, 2016

New Delhi, Feb 11: The United Arab Emirates’ (UAE) Abu Dhabi National Oil Company (ADNOC) will store crude oil in India’s 1.5 million tonnes-Mangalore strategic petroleum reserve using it as a wholesale storage capacity and sell to the Indian refiners whenever needed, oil minister Dharmendra Pradhan said after a meeting with visiting energy minister Suhail Mohammed Al Mazrouei.

Untitled-1

India also informed Al Mazrouei that state-run companies ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Oil India Ltd were interested in taking stakes in oil fields that are under production and in securing hydrocarbon exploration permits in the Persian Gulf country.

An oil ministry statement quoted Pradhan as saying Indian companies were also interested in acquiring a stake in Abu Dhabi Company for Onshore Petroleum Operations Ltd. (ADCO), another company held by the UAE through ADNOC. Pradhan also offered New Delhi’s idea of a strategic reserve is primarily to tide over any possible supply disruption due to geopolitical reasons, rather than to build up an inventory of cheap oil, officials privy to the development explained.

Pradhan said that ADNOC was working with the Indian Strategic Petroleum Reserve Ltd (ISPRL) which is building the strategic reserve in Mangalore. “The project is on track and will be concluded soon,” the statement said quoting Pradhan.

ISPRL is also building two other reserves at Visakhapatnam in Andhra Pradesh and at Padur in Karnataka. The three facilities have a total storage capacity of 5 million tonnes of crude, which could meet a few days’ requirement. India imported 189 million tonnes of crude in 2014-15, about 80% of its total requirement. ADNOC will store about half of the capacity in the Mangalore reserve.

Former foreign secretary Kanwal Sibal described the development as a significant breakthrough. “We have been talking to the UAE on this matter for a number of years. It is only after Prime Minister Narendra Modi’s visit (in August) that various aspects of the relationship (including the strategic oil reserve) have begun to move forward. It should be seen as a foreign policy success,” said Sibal.

Pradhan also sought investments from the UAE on the ongoing state-run projects in India such as ONGC Petro Additions Ltd’s petrochemical project at Dahej in Gujarat, and HPCL’s refinery-cum-petrochemical plant in Andhra Pradesh.

The UAE is expected to invest in the newly created National Investment and Infrastructure Fund (NIIF) aimed at increasing infrastructure financing in the country. Discussions on a pact were concluded after India agreed to have a UAE representative on the board of NIIF, a government official said, speaking on condition of anonymity.

In December, the Indian government announced steps to set up NIIF. The government budgeted a contribution of Rs.20,000 crore for the fund in fiscal year 2015-16 while another Rs.20,000 crore is expected to be raised from sovereign wealth funds. It is unclear, at the moment how much the UAE proposes to invest in NIIF.

Finance ministry officials had earlier indicated that the Abu Dhabi Investment Authority, Russian Direct Investment Fund, Singapore’s Government Investment Corporation and Temasek have expressed interest in investing in NIIF. The ministry is currently in search of a chief executive officer, a post for which more than 70 executives from the private sector have applied. A final selection is expected by March end.

The investment pact with the UAE, one among about a dozen, is to be signed during the visit of General Sheikh Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the armed forces of the UAE, who began his three-day visit to India on Wednesday.

Prime Minister Narendra Modi, during a visit to the UAE in August—the first by an Indian Prime Minister in 34 years— had urged the host nation to invest in India’s infrastructure sector, pointing out that Asia’s third largest economy has the potential to absorb as much as $1 trillion in investments in the sector.

At a briefing on Wednesday, Anil Wadhwa, secretary, East, in the foreign ministry, noted that the UAE has emerged as one of the top sources of foreign direct investment in India since 2000, with cumulative investments of $3.3 billion besides some $5 billion in portfolio investments.

The UAE controls the second largest sovereign wealth fund in the world—around $800 billion—under the Abu Dhabi Investment Authority. “This is an important source of investment for the Indian infrastructure sector,” Wadhwa told reporters.

“During the visit of the Prime Minister, it was also decided to encourage investment institutions in the UAE to raise investments for the infrastructure sector in India with the target of reaching $75 billion. So the UAE has been invited to participate in the NIIF in India,” he said.

According to Indian and UAE diplomats, the two countries are expected to amplify on a joint statement issued during Modi’s visit that referred to security and strategic issues among other subjects.

In the August joint statement in which both countries had noted the upgrading of ties to a “comprehensive strategic partnership,” India and the UAE agreed to regularize a dialogue between their national security advisors, strengthen maritime security in the Arabian Gulf and Indian Ocean region, and reinforce defence ties through regular exercises of naval, air, land and special forces.

They also agreed to “coordinate efforts to counter radicalization and misuse of religion by groups” besides denouncing terrorism. New areas of cooperation identified included defence production, strategic partnership in security and counterterrorism, cooperation in civil nuclear energy and space besides energy, Wadhwa said.

The UAE has plans to send a mission to Mars by 2020, Wadhwa said, adding that India is looking at offering help in launching the mission, given its own capabilities in the area. India launched its own successful Mars Orbiter Mission in 2014. In the area of defence production, India would be looking at exports of hardware produced in India to the investing partner country as well as third countries, Wadhwa said.

Comments

chaithresh
 - 
Saturday, 13 Feb 2016

Our namo narenda modi s doing something good for the development of India...we being Indians shouldn't blame him..we should support him.. no one hs thr capacity or dare like our PM has.. .please always think n thn write...guys. name.. I support narenda modi..Jai hind

Anupama
 - 
Friday, 12 Feb 2016

Modi is a gold/oil digger. In the name of development he is polluting a beautiful city. Lobbying against farmers who provide food for the country due to his selfish motives.

Syed Kazi
 - 
Thursday, 11 Feb 2016

Why cant they store their wealth, money, gold and dollars in our storage tanks and give 2/3 free to us as RENT.....

rikaz
 - 
Thursday, 11 Feb 2016

UAE has been so generous to Indians.....

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 24,2024

HSRP.jpg

With the Karnataka transport department extending the deadline for the installation of High Security Registration Plate (HSRP) twice--- in November last year and February, it is no longer planning to extend the same. The department ordered for the installation of HSRP before May 31.

The transport department through a notification in August last year, had mandated the installation on all the vehicles that were registered in the state prior to April 1, 2019. According to transport officials, there are nearly two crore vehicles that are supposed to get HSRP for their vehicles.

“As of now, the state has registered only 34 lakh HSRP installations, despite extending the deadline twice. From nearly 18 lakh installations since February, the numbers have almost doubled. However, there are still a large number of vehicles that have to opt for HSRP,” said C Mallikarjuna, Additional Commissioner for Transport (Enforcement).

“We will wait till May 31 to check for the total number of vehicles that fall in line. We are expecting HSRP installations to touch 75 lakh, after which we will consider an extension as the numbers indicate that people are falling in line and if some more time is given everyone will get it done. However, if we do not reach that number before the deadline, we will request the government not to extend the deadline but urge for an enforcement,” he said.

He also stated that a fine of Rs 500 will be imposed for the first time and if vehicle owners do not fall in line, it will be Rs 1,000 later until they have installed HSRP. “We will wait till the Model Code of Conduct ends and take the government’s opinion. We are going to request the government for strict enforcement if the HSRP installations are not satisfactory,” he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 29,2024

prajwalrevanna.jpg

Bengaluru, Apr 29: HD Revanna, the father of Karnataka MP Prajwal Revanna, has accused rivals of creating a conspiracy out of "old videos", a comment that is likely to raise a bigger row over his son's alleged link to the obscene videos.

A woman yesterday filed a police case against Prajwal Revanna and his father over alleged sexual assault. Prajwal Revanna, the Janata Dal (Secular) MP and grandson of former Prime Minister HD Deve Gowda, has denied the latest allegations and also filed a police complaint over circulation of obscene videos, which he said were morphed.

Prajwal Revanna left for Germany on Saturday morning after voting in the Lok Sabha elections a day earlier.

"I know what kind of conspiracy is going on. I am not someone who'll get scared and run away. They have released something that was 4-5 years old. Expelling him from the party is left to the party high command," HD Revanna said.

When it was pointed out that an FIR has been registered against him too, he said, "There is politics, I don't want to comment. They (Congress) are in government and they will do whatever they want."

"All these things are not just today, the Deve Gowda family in the last 40 years (has been targeted by) Congress. CoD (now CID), Lokayukta probe, we have been facing for the last 40 years... I don't want to react to anything...let them take action in accordance with law," he said, adding that he hasn't spoken to Deve Gowda on the issue.

"Since the special investigation team is looking into the case, I will not react any further," HD Revanna said.

Yesterday, a first information report was filed against the father-son duo on charges of sexual harassment, intimidation and outraging the dignity of a woman.

The survivor alleged both sexually assaulted her, and when Revanna's wife was not home, he touched her inappropriately and used to sexually assault her. The complainant alleged Prajwal Revanna also misbehaved with her daughter over a video call. "My daughter blocked his number after repeated calls," the complainant said.

The latest FIR comes when Prajwal Revanna is already in the middle of a controversy after some objectionable videos went viral on social media allegedly involving him.

Prajwal Revanna is seeking a fresh term in the Lok Sabha from as a National Democratic Alliance (NDA) candidate from Hassan.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 23,2024

Nationalcommision.jpg

The Karnataka government's decision to categorise the entire Muslim community as a backward caste for reservation purposes in the state has drawn criticism from the National Commission for Backward Classes (NCBC), which said such blanket categorisation undermines the principles of social justice.

According to the data submitted by the Karnataka Backward Classes Welfare Department, all castes and communities within the Muslim religion have been enlisted as socially and educationally backward classes under Category IIB in the State List of Backward Classes.

The NCBC, during a field visit last year, examined the state's reservation policy for OBCs in educational institutions and government jobs.

"All castes/communities of Muslim religion of Karnataka are being treated as socially and educationally backward classes of citizens and listed as Muslim Caste separately under Category IIB in the State List of Backward Classes for providing them reservation in admission into educational institutions and in appointments to posts and vacancies in the services of the State for the purpose of Articles 15(4) and 16(4) of the Constitution of India," the NCBC said in a statement on Monday night.

This categorisation has led to the provision of reservation benefits for 17 socially and educationally backward castes under Category I and 19 castes under Category II-A, respectively.

The NCBC said the blanket categorisation of Muslims as a backward caste undermines the principles of social justice, particularly for the marginalised Muslim castes and communities identified as socially and educationally backward.

However, the NCBC emphasised that while there are indeed underprivileged and historically marginalised sections within the Muslim community, treating the entire religion as backward overlooks the diversity and complexities within Muslim society.

"The religion-based reservation affects and works against ethics of social justice for categorically downtrodden Muslim castes/communities and identified socially and educationally backward Muslim castes/communities under Category-I (17 Muslim castes) and Category II-A (19 Muslim castes) of State List of Backward Classes. Hence, socially and educationally backward castes/communities cannot be treated at par with an entire religion," the NCBC stated.

The NCBC also voiced concern over the impact of such reservations on the overall framework of social justice, particularly in the context of local body polls.

While Karnataka provides 32 per cent reservation to backward classes in local body elections, including Muslims, the Commission stressed the need for a nuanced approach that accounts for the diversity within these communities.

According to the 2011 Census, Muslims constitute 12.92 per cent of the population in Karnataka.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.