India, UAE Ink 5 Deals To Boost Energy Security

 New Delhi: In a major step to enhance bilateral relations, India and the UAE signed five key agreements following talks between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at Hyderabad House in New Delhi on Monday. The pacts include a long-term LNG supply deal, civil nuclear energy cooperation for maintaining the UAE's Barakah Nuclear Power Plant, and an MoU to boost India's strategic petroleum reserves.

During his visit, the Abu Dhabi Crown Prince will also travel to Mumbai on Tuesday for the "soft launch" of the India-UAE Virtual Trade Corridor (VTC) and the MAITRI interface, which are expected to facilitate the VTC. Notable agreements include a production concession for Abu Dhabi's Onshore Block 1 and an MoU for developing food parks in Gujarat.

One of the landmark agreements is the civil nuclear energy MoU, which will see India providing expertise for the maintenance of the Barakah Nuclear Power Plant, the UAE's first nuclear facility. The pact also includes the sourcing of nuclear goods and services from India.

The leaders also acknowledged the success of the Comprehensive Economic Partnership Agreement (CEPA) and the Bilateral Investment Treaty (BIT), which they believe will drive further economic cooperation between the two nations.

Both leaders emphasised the need to explore new areas of collaboration, including nuclear energy, green hydrogen, artificial intelligence, and cutting-edge technologies. On energy security, the agreement for long-term LNG supply provides India with an annual supply of 1 million metric tonnes of LNG from the UAE.

The UAE Crown Prince also paid tributes to Mahatma Gandhi at Rajghat, where he became the third generation of UAE leadership to plant a sapling in honor of Gandhi. The Crown Prince's visit to Mumbai on Tuesday will include participation in the India-UAE Business Forum, a platform designed to foster collaboration and future cooperation in key sectors.

Energised partnership

" Long-term LNG supply agreement between ADNOC and IOCL.

" MoU between ADNOC and India's Strategic Petroleum Reserve Limited (ISPRL) to explore opportunities for expanding crude oil storage in India.

" A Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat (a joint venture of IOCL and Bharat PetroResources Ltd) and ADNOC.

" MoU between the Government of Gujarat and Abu Dhabi Developmental Holding Company (ADQ) on developing food parks in Gujarat.