His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi is on an official visit to India from 9-10 September 2024, at the invitation of Prime Minister Shri Narendra Modi. This is the Crown Prince’s first official visit to India in this capacity. He was received on his arrival, yesterday, in New Delhi by Shri Piyush Goyal, Minister of Commerce and Industry, and was accorded a ceremonial Guard of Honour. He is accompanied by Ministers, senior officials, and a large business delegation.
The Crown Prince held bilateral discussions with Prime Minister today. Prime Minister conveyed his warm greetings and regards to His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE. The two leaders expressed satisfaction over the substantial progress achieved in recent years in the India-UAE Comprehensive Strategic Partnership and discussed opportunities to further widen and deepen the partnership in all areas of bilateral cooperation. They acknowledged that the success of the Comprehensive Economic Partnership Agreement (CEPA) and the recent entry into force of the Bilateral Investment Treaty (BIT) will provide further impetus to the strong economic and commercial partnership between the two countries. They also underscored the need to explore new areas of untapped potential, particularly in nuclear energy, critical minerals, green hydrogen, artificial intelligence and cutting-edge technologies.
The following MoUs/Agreements were signed during the visit, which set the stage for enhancing cooperation in traditional as well as new areas of cooperation –
- MoU on Nuclear Cooperation between Nuclear Power Corporation of India Limited (NNPCIL) and Emirates Nuclear Energy Corporation (ENEC)
- Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited
- MoU between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL)
- Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat and ADNOC.
- MoU between Government of Gujarat and Abu Dhabi Developmental Holding Company PJSC (ADQ) on food parks development in India.
The MoU on Nuclear Cooperation is expected to enhance cooperation in the operation and maintenance of nuclear power plants, sourcing of nuclear goods and services from India, exploring mutual investment opportunities and capacity building.
The Agreement for long-term supply of LNG is for 1 million metric tonne per annum (MMTPA) and is the third such contract signed in just over a year. Both IOCL and GAIL had previously signed long-term Agreements for 1.2 MMTPA and 0.5 MMTPA, respectively, with ADNOC. These contracts have strengthened energy security in India by diversifying LNG sources.
The MoU between ADNOC and ISPRL, inter alia, provides for exploring ADNOC’s participation in additional opportunities for crude storage in India and the renewal of their storage and management agreement on mutually acceptable terms and conditions. This MoU builds on ADNOC’s existing involvement in crude storage at the Mangalore Cavern of ISPRL since 2018.
The Production Concession Agreement for Abu Dhabi Onshore Block 1 between Urja Bharat (a JV of IOCL and Bharat Petro resources Ltd) and ADNOC is the first one for any Indian company operating in the UAE. The concession entitles Urja Bharat to bring crude oil to India, thus contributing towards the country’s energy security.
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit Mumbai tomorrow and will participate in an India-UAE Business Forum. The forum provides a platform for business leaders and officials from both sides to brainstorm future cooperation between the countries in various areas.A soft launch on the commencement of work onthe India-UAE virtual trade corridor (VTC) and MAITRI interface to facilitate VTC,will also take place in Mumbai tomorrow.