February 13, 2018 / 10:16 AM / 12 days ago

Abu Dhabi's state oil company to help fill India's strategic reserve: oil minister

NEW DELHI (Reuters) - India hopes Abu Dhabi National Oil Company (ADNOC) will send the first shipment of crude oil to fill the country’s 0.75 million tonnes strategic petroleum reserve at Mangalore starting in May, Oil Minister Dharmendra Pradhan said in New Delhi on Tuesday.

ADNOC has indicated its oil consignments are booked for the next two months, Pradhan said, adding that the first consignment should arrive by May.

Pradhan was announcing the purchase of a 10 percent stake in ADNOC’s offshore oil concession by a consortium led by India’s Oil and Natural Gas Corp.

Pradhan said India would annually get 1.75 million tonnes of crude oil from the Abu Dhabi field.

Reporting by Nidhi Verma in NEW DELHI; Editing by Tom Hogue

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