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Abu Dhabi's ADNOC seeks to expand downstream investment in Asia

Reuters  |  NEW DELHI 

By Nidhi Verma

(Reuters) - National Company is seeking to invest in more downstream assets, mainly in refining and petrochemicals, in strategic locations like to find a stable outlet for its oil, said its chief executive officer,

"is not only an important market for us. is a very strategic partner for United Arab Emirates, spanning all ... sectors, being one of (them)," he told reporters on the sidelines of conference Petrotech.

ADNOC, along with Saudi Aramco, is participating in a planned 1.2 million-barrels-per-day (bpd) coastal refinery in western state.

ADNOC is also keen to lease more strategic storage in India, Al Jaber said.

"Expanding our strategic reserve in India will be an item on the agenda to be discussed with our great friends in India," he told a conference in

ADNOC last year signed a preliminary agreement to use half of the Padur strategic reserve facility in The site can store about 2.5 million tonnes or 18 million barrels of crude.

India, which relies on imports for about 80 percent of its needs, has built underground emergency storage in three places to protect itself from any disruption.

The underground reserves can hold 36.87 million barrels or about 9.5 days of average demand.

ADNOC, the only foreign company with a deal to store in India's strategic reserves, has another storage deal agreement at Mangalore's strategic storage in

"We will always be looking for ways to enhance our cooperation with our Indian counterparts, catering for the Indian market and beyond," Al Jaber said.

(Reporting by Nidhi Verma; Editing by Tom Hogue)

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

First Published: Mon, February 11 2019. 13:41 IST