New Delhi: With an aim to boost energy cooperation, India and Abu Dhabi signed a first-of-its-kind MoU in the field of Barakah Nuclear Power plus operations and maintenance between Emirates Nuclear Energy Company And Nuclear Power Cooperation Of India Limited.
The signing of the agreements took place during the visit of Sheikh Khalid Bin Mohamed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi to India, on 9 September.
The Barakah Nuclear Power Plant, the first Arab nuclear facility, was constructed by Korea Electric Power Corporation at a cost of $20 billion, featuring four reactors with a combined capacity of 5,600 megawatts. All four units are now operational.
Additionally, an agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited was also signed. An agreement was also inked between Abu Dhabi National Oil Company and India Strategic Petroleum Reserve Limited (ISPRL).
Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC was also inked by both the sides. The fifth agreement was between the Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) on food parks development in India.
India and Abu Dhabi are part of the I2U2 grouping that includes Israel and the United States under which food parks in Gujarat and Madhya Pradesh were envisaged. The food parks-related MoU in Gujarat is being viewed as an extension of that grouping. The I2U2 group is a strategic partnership between India, Israel, the United Arab Emirates (UAE), and the United States.
Formed in 2021, this coalition focuses on enhancing collaboration in areas such as technology, infrastructure, and economic development. The group's aim is to leverage their collective strengths to address regional and global challenges, foster economic growth, and promote innovation.
India-Abu Dhabi Energy Cooperation
India and Abu Dhabi have a significant energy partnership, primarily focused on enhancing cooperation in the oil and gas sector.
Oil Supply: Abu Dhabi, through its state-owned company ADNOC (Abu Dhabi National Oil Company), has been a major supplier of crude oil to India, which is one of the largest consumers of oil globally.
Investment: There have been investments and collaborations between Indian companies and UAE firms in the energy sector. For example, Indian companies like ONGC Videsh have invested in oil and gas projects in Abu Dhabi.
Strategic Reserves: India and the UAE have explored strategic partnerships for oil storage, with India building strategic reserves in partnership with UAE companies to ensure energy security.
Renewable Energy: Both countries are also exploring collaborations in renewable energy. The UAE's investments in solar energy and India's growing focus on renewable sources offer opportunities for joint ventures and technology exchanges. This partnership is part of a broader strategic relationship aimed at bolstering economic ties and energy security between the two nations.
