Pradhan was speaking at ADNOC's headquarters on the sidelines of an event marking the first cargo of crude oil from ADNOC, to the Indian Strategic Petroleum Reserves Ltd (ISPRL) after it has been loaded and was en-route to India.
Oil MinisterDharmendra Pradhan on Saturday expressed concern about the rise oil prices but said it was too early to predict the impact of USA sanctions on his country's imports of Iranian oil after Washington withdrew from the Iran nuclear deal.
Pradhan will lead an official delegation to the UAE from May 12 to 14, the statement added. Also, there has been a rally in worldwide crude oil prices due to a combination of factors such as Opec and Russian Federation cutting supplies, falling production in Venezuela and geopolitical tensions. Vishakhapatnam storage has a capacity of 1.33 million tonnes (9.77 million barrels) of crude oil, Mangalore has a capacity of 1.5 million tonnes (11 million barrels) and Padur can stock 2.5 million tonnes (18.37 million barrels). "We see a huge growth opportunity in the downstream market", Al Jaber told CNBC during an investment forum hosted by the company in Abu Dhabi Sunday. United States has also evinced interest to collaborate with India on its crude oil reserve programme as part of a strategic energy partnership that covers sectors such as oil and gas, power, renewable energy and coal.
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While addressing a gathering at the Indian Embassy in Abu Dhabi, UAE, on Saturday, the Union minister also highlighted the attractive investment opportunities in the Petroleum and Natural Gas and Skill Development sectors in India and also extended an invitation to the business community in the UAE for greater collaborations and increased investments in India.
ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.
Abu Dhabi announced on Sunday that its state oil firm will spend $45 billion to modify an existing facility into one of the world's largest integrated refining and petrochemical plants.
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Earlier, Pradhan had said that under the leadership of Prime Minister Narendra Modi, India has made tremendous strides in providing energy justice to all.
This will be the first such investment by any foreign company in the Indian SPR facility. Adnoc is evaluating some downstream expansion opportunities overseas with its strategic partners, he said, declining to give more details, but he said that India was a potential market. "While part of the stored oil will be used for commercial purposes by ADNOC, the major part will be purely for strategic purposes", Pradhan added in the ADNOC statement.
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