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India hopes to seal oil deal with UAE today to fill Mangalore reserves

Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan is the guest of honour on Republic Day

Oil, crude oil, fuel
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Oil. Photo: Reuters

Reuters
India hopes to conclude negotiations with the United Arab Emirates on Tuesday to fill its strategic oil reserves at Mangalore, in the southern state of Karnataka, a foreign ministry official said.

Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan is headed to India as a guest of honour to the annual Republic Day Parade in a warming of ties.

Oil-rich Abu Dhabi has been in discussions to finalise a deal to lease part of the country's crude oil storage facilities.

India, which imports about 80 per cent of its oil needs, is building emergency storage in vast underground caverns to