Government allows UAE’s ADNOC to export oil from Indian strategic reserves
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The Ministry of Commerce and Industry said in an order on Saturday that the decision was taken to provide operational flexibility to UAE firms. At present, no one is allowed to export crude oil except the public sector company Indian Oil Corporation (IOC).
New Delhi. The government has allowed Abu Dhabi National Oil Company (ADNOC) to export crude oil stored in underground strategic reserves in Mangalore. The Ministry of Commerce and Industry said in an order on Saturday that the decision was taken to provide operational flexibility to UAE firms. At present, no one is allowed to export crude oil except the public sector company Indian Oil Corporation (IOC).
The ministry said in an order that the condition of allowing exports only through IOC will continue, but AMI (Adnoc Marketing International (India) RSC Ltd India) has been exempted from the STE conditions and will be allowed to export crude oil from Mangalore Strategic Petroleum Reserves. is allowed to be exported.
India is the world’s third largest oil importer and consumer. The country meets more than 85 percent of its oil needs through imports. India has created strategic reserves at three locations to accumulate 53.3 lakh tonnes of oil as insurance against any supply disruption.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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