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UAE downplays fuel shortage concern, says it has strongly stood with India to cover deficit

Press Trust of India  |  New Delhi 

The UAE on Wednesday downplayed India's concerns about rising fuel prices and shortage after the six-month US relief to stop import of Iranian by ends, saying the emirate and have stood very strongly with to cover the deficit in the past.

Amid protest against a proposed refinery in involving India, the UAE and Saudi Arabia, the Gulf nation's to said the will allocate land in coming weeks.

In a this week, said will raise the issue of volatility in global prices at the Summit in

Responding to a question on whether there will be a demand-supply mismatch, especially after the six-months relief given by the US to cut down from ends, the said fuel prices are determined by demand by different markets globally.

is one of the seven countries that have been given a waiver by the US to keep buying Iranian oil. "Even if that had not taken place, if you go back to history, in previous times, the UAE and have always stood very strongly and supplied and covered any shortage of oil or fuel concerns of India. So, I dont think there is any major concern on that," he said.

and the UAE are among the major to India.

Earlier this month, India was given a six-month relief by the US to bring Iranian to zero under the Countering America's Adversaries Through Sanctions Act (CAATSA), aimed at hitting the Russian, Iranian and North Korean entities hard.

In June this year, the world's biggest oil producers, Saudi Aramco, (Adnoc), the state-run oil firm of the UAE, and India came together to jointly develop the refinery and petrochemicals complexes coming up at Ratnagiri in

Fearing that the land in the area would lose fertility and threat to Alphonso mangoes, locals are opposing the project. The Shiv Sena, a BJP ally at the Centre and in the state, too has opposed it.

"The state of is in a stage of allocating land. The land will be allocated in coming two weeks or months," the said.

Responding to a question on extradition of Christian Michel, a British national and alleged middleman wanted by Indian investigative agencies in the Rs 3,600-crore AugustaWestland VVIP choppers deal case, Albanna said the matter should be left to the judicial system in the UAE.

This month, a court ordered Michel's extradition to India.

The envoy said an agreement will soon be signed between the UAE and India for setting up a fast-track single window system for investments.

He pitched for reviewing the air service agreement between India and the UAE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 16:15 IST