India deepens defence, energy ties with UAE during PM Modi visit<\/p>\n
NEW DELHI: India and the United Arab Emirates agreed the framework\nfor a strategic defence partnership on Friday (May 15), the Indian\nforeign ministry said, as they seek to deepen ties amid the Iran\nwar.<\/p>\n
The two countries also signed pacts on strategic petroleum reserves\nand supply of liquefied petroleum gas during a visit by Prime Minister\nNarendra Modi to the UAE, it added.<\/p>\n
\u201cThe two sides have agreed on deepening defence industrial\ncollaboration and cooperation on innovation and advanced technology,\ntraining, exercises, maritime security, cyber defence, secure\ncommunications and information exchange,\u201d the ministry said in a\nstatement.<\/p>\n
Ahead of the visit, Indian sources told Reuters that Modi was likely\nto discuss long-term energy supply deals and also seek support to expand\nNew Delhi\u2019s strategic oil reserves. The UAE\u2019s decision last month to\nleave OPEC is expected to boost its output and help importers such as\nIndia.<\/p>\n
The Iran war has roiled global energy markets with the closure of the\nStrait of Hormuz, disrupting transportation and business across the\nregion as Iranian strikes hit Gulf states, including the UAE, before a\nfragile ceasefire last month.<\/p>\n
The oil pact announced on Friday includes a potential increase of\nADNOC\u2019s crude oil storage in India for up to 30 million barrels, Abu\nDhabi\u2019s state oil firm said in a separate statement, adding the deal\nalso explores potential crude storage in the UAE\u2019s Fujairah as part of\nIndia\u2019s strategic reserve.<\/p>\n
ADNOC said that it would explore expanded LPG supply and trading\nopportunities with Indian Oil Corp.<\/p>\n
\u201cIndia\u2019s scale and growth trajectory make it one of the defining\nenergy markets of our time. As demand accelerates alongside a rapidly\nexpanding population, the strength of the UAE India energy partnership\nbecomes ever more critical,\u201d ADNOC managing director and CEO Sultan\nAhmed Al Jaber said.<\/p>\n
EYEING CLOSE SAUDI-PAKISTANI TIES<\/p>\n
New Delhi and Abu Dhabi signed a US$3 billion deal for India to buy\nLNG from the UAE, its third-largest trading partner, in January, as well\nas a letter of intent to work towards forming a strategic defence\npartnership. That followed a mutual defence accord that Pakistan,\nIndia\u2019s arch-rival neighbour, signed with Saudi Arabia last year.<\/p>\n
Pakistan has emerged as the key mediator between Washington and\nTehran to end the war which began with US and Israeli strikes on Iran on\nFeb 28.<\/p>\n
It has also moved to shore up Saudi Arabia\u2019s defences after the\nkingdom came under hundreds of Iranian missile and drone attacks.<\/p>\n
Riyadh said last month it would provide US$3 billion in additional\nsupport to help Pakistan bridge a multi-billion-dollar financing gap\nlinked to a debt repayment to the UAE.<\/p>\n
The Indian ministry also announced UAE investments worth US$5 billion\non Friday, pointing to past deals including Emirates NBD\u2019s acquisition\nof a 60 per cent stake in RBL Bank last year for US$3 billion, and Abu\nDhabi\u2019s IHC US$1 billion Sammaan investment.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/india-deepens-defence-energy-ties-with-uae-during-pm-modi-visit-1780933927", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }