Pradhan to flag off UAE carrier with 2 million barrels of crude oil today

India opens up strategic oil reserves for foreign companies

India’s strategic oil reserves are set to be used by a foreign player for the first time, with a carrier of Abu Dhabi National Oil Company (Adnoc) likely to reach Mangalore port by May 21.

Petroleum Minister Dharmendra Pradhan and his UAE counterpart Ahmed Al Jaber, who is also the chief executive officer of Adnoc, will flag off a very large carrier with 2 million barrels of crude oil on Saturday, according to an official close to the development.

Adnoc is expected to store crude oil worth Rs 40-50 billion, based on prices in February, when the deal was signed.