India and the United Arab Emirates (UAE) will on Monday ink an important Trilateral Agreement between Abu Dhabi National Oil Co (ADNOC), UAE’s ARAMCO and India’s Ministry of Petroleum and Natural Gas – that will expand India’s refining capacity.
The pact will be signed in presence of UAE’s Minister of Foreign Affairs and International Cooperation Sheikh Al Nahyan Abdullah Bin Zayed Bin Sultan here, official sources said.
According to observers in the oil industry, major oil producers are targeting Asia to establish stable oil outlet, as the fuel demand is growing in the region. India, which is at present world’s third biggest oil importer and consumer, is seeking to expand its refining capacity to 8.8 million barrel per day by 2030. Abu Dhabi National Oil Company (ADNOC) may also invest about 45 billion dollars over the next five years.
The visiting Minister will meet External Affairs Minister Sushma Swaraj and both the leaders will hold delegation level talks.
During his stay in the capital, Sheikh Al Nahyan Abdullah Bin Zayed Bin Sultan will have an interactive session at the International Council of World Affairs and also visit the Akshardham Temple.
He will also call on Prime Minister Narendra Modi on Monday afternoon, sources said.
The visiting dignitary, who will be in India till June 30, will also visit Ahmedabad, Mumbai, Hyderabad and Chennai, sources added.