Govt allows UAE's Adnoc to export oil from Indian strategic storage
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The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm. At present, crude oil is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). The Indian Strategic Petroleum Reserve Ltd has leased half of the 1.5 million tonne capacity in Mangalore storage to Adnoc. The remaining was retained by ISPRL. Adnoc had sought permission for the export of its oil from the cavern in cases where it could not find buyers in Indian refiners. After the notification, Adnoc can now export oil stored in the Mangalore storage.

#Uae #Adnoc #CrudeOil #StrategicStorage #Mangalore #IndianOilCorporation #Export

https://www.financialexpress.com/business/industry-govt-allows-uaes-adnoc-to-export-oil-from-indian-strategic-storage-3435052/