UAE to Store 30 Million Barrels of Crude Oil in India’s Strategic Petroleum Reserve
Foreign Secretary Vikram Misri detailed key agreements between India and the UAE on Friday, indicating that the UAE will store up to 30 million barrels of crude oil in India’s Strategic Petroleum Reserve. This initiative follows Prime Minister Narendra Modi’s visit and aims to bolster energy cooperation and enhance India’s energy security.
“We will be issuing a more detailed press release later today, but let me provide a snapshot of the events during this brief two-and-a-half-hour visit. The two sides have concluded several important initiatives to deepen our comprehensive strategic partnership. Energy has always been a crucial aspect of this relationship,” Misri stated. He highlighted various agreements signed between Indian energy companies and UAE entities, particularly the Abu Dhabi National Oil Company. These agreements include the elevation of UAE participation in India’s strategic petroleum reserves to 30 million barrels, the establishment of strategic gas reserves in India, and long-term LPG offtake supply agreements.
In addition to energy agreements, the UAE has committed to fresh investments in India amounting to USD 5 billion. Misri noted that the UAE has been a significant investor in India, ranking as the seventh largest investor over the past 25 years. “Today, new investment commitments were signed totaling USD 5 billion. These include investments by Emirates NBD Bank in RBL Bank in India, by the Abu Dhabi Investment Authority in the National Infrastructure Investment Fund, and by International Holding Company in Saman Capital of India,” he explained.
The discussions also expanded on defense and maritime cooperation, building on initial steps from the UAE President’s visit to India earlier this year. Misri remarked, “Defense cooperation has been a major focus in recent years. Today, we concluded a framework for a strategic defense partnership that will enhance collaboration in defense manufacturing, technology, and equipment.” Notably, agreements were signed between Cochin Shipyard Limited and Drydocks World of Dubai regarding the establishment of a ship repair cluster at Vadinar, India, and a center of excellence for skill development in the maritime sector.
Both nations also took significant strides in advanced technology cooperation. “Today we signed a term sheet for the establishment of an 8-exaflop supercomputing facility in India, which will further India’s AI mission and related infrastructure,” Misri said. Furthermore, the operationalization of the virtual trade corridor known as METRI between Indian and UAE ports aims to enhance maritime commerce efficiencies.
Prime Minister Modi addressed the recent attacks in the UAE, conveying India’s strong condemnation and solidarity with both the UAE leadership and its people. He reiterated the necessity for unimpeded transit through the Strait of Hormuz and the cessation of attacks on shipping and mariners.
Additionally, Modi extended an invitation to President Mohamed bin Zayed of the UAE to visit India.
Published on May 16, 2026
