India, UAE discuss strategic oil storage lease — sources | GulfNews.com:
"India is in talks to lease part of its planned strategic storage to UAE’s’ state oil company Adnoc, two government sources said, as New Delhi moves to protect its economy against crude price shocks and supply disruptions.
India, the world’s fourth largest oil consumer, imports about 80 per cent of its oil needs and is building emergency storage capacity to hedge against energy security risks.
India had initially planned to fill the oil storage without overseas participation, but it is now drawn to deals similar to those that the Abu Dhabi National Oil Company (Adnoc) struck earlier with Japan and South Korea."
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