India gains sweet spot with PM Modi’s oil storage deal

Prime Minister’s visit to west Asia has turned India into regional oil storage & trading hub,with Abu Dhabi National Oil Company (ADNOC) to park its crude in Indian storage facility.As 1st investment from UAE into an Indian oil project,marks New Delhi’s buyer-seller relationship with West Asian oil producers.State-run Indian Strategic Petroleum Storage Ltd signed an agreement with ADNOC for using part of storage capacity at Padur near Mangalore.

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