Indo-Arabian relations

[Project Dharma]

Then how their terror based international politics would work ? Islamic countries are their best allies.

Haven't read the article, but sharing the link. Someone can point out the summary please.
The Secret History of Elizabeth I's Alliance With Islam
http://news.nationalgeographic.com/2016/10/sultan-queen-elizabeth-england-islam-jerry-brotton/

qui cum canibus concumbunt cum pulicibus surgent - He that lieth down with dogs shall rise up with fleas

 

[Indx TechStyle]

Terrorists have hijacked Islam: Saudi envoy to India

The envoy noted that it is illogical and irrational for Saudi Arabia to remain anywhere but at the forefront of nations combating this scourge, and said the Kingdom has been a target of diverse terrorist groups for a long time.

NEW DELHI: Terrorist groups have hijacked Islam and Saudi Arabia will make all efforts to "combat terrorism and extremism and drain terrorist and extremist groups of resources", according to Saudi Ambassador to India, Saud Mohammed Al-Sati.

Delivering an address on 'Saudi-India Relation: Continuity and Change' at the Centre for West Asian Studies, Jawaharlal Nehru University here on Thursday, Al-Sati, however, said that "Saudi Arabia is not given enough and proper credit for its leading role in fighting extremism and terrorism at the local, regional and international levels", a role that has been praised by major international intelligence agencies.

He claimed, a section of Western media and analysts do gross injustice to the Saudi Kingdom by accusing it of exporting extremist ideology or supporting violent extremism.

The envoy noted that it is illogical and irrational for Saudi Arabia to remain anywhere but at the forefront of nations combating this scourge, and said the Kingdom has been a target of diverse terrorist groups for a long time. He said these go as far back as 1996, when Osama bin Laden issued his first fatwa against the Kingdom, this taking place after "we revoked his citizenship and closed his access to his bank accounts two years prior".

Pointing out terrorists do not practise or preach any religion, Al-Sati said terrorists simply hijack religion, "as they have hijacked Islam, and in the name of Islam they kill Muslims and non-Muslims.

He said terrorism was a common concern for both Saudi Arabia and India and the two countries were closely cooperating in fighting it, including through exchange of information and intelligence. He said both countries had signed several agreements in the field of security, including an extradition treaty, and during the April visit of Prime Minister Narendra Modi to the kingdom, the two sides decided to further enhance cooperation in counter-terrorism operations, intelligence sharing and law enforcement.

The envoy highlighted the "strong bonds of friendship" between the two countries and its people that was deeply rooted in history, and said a "vital aspect of our specific relations is the presence of over three million Indian citizens in Saudi Arabia", who were not only contributing to the progress and development of both countries but also serving as an important cultural bridge between the peoples.

He said the two countries were now strategic partners and among the top trading partners with each other. "Saudi Arabia remains a major pillar for India's energy security, and our partnership in the fields of investment, joint ventures, and transfer of technology projects is steadily growing."

The envoy stated that India is a primary focus of the Kingdom's campaign to court foreign investors and 426 licences have been issued to Indian companies to invest in the Kingdom, and long-established Indian companies like Tata Consultancy Services (TCS) and Larsen & Toubro have made very significant investments in the Gulf country.

The seminal "Saudi Vision 2030", which aims at attracting huge investments and building of massive manufacturing facilities and infrastructure, offers a range of opportunities for Indian businesses, he noted.

 

[aditya10r]

Terrorists have hijacked Islam: Saudi envoy to India

The envoy noted that it is illogical and irrational for Saudi Arabia to remain anywhere but at the forefront of nations combating this scourge, and said the Kingdom has been a target of diverse terrorist groups for a long time.

Joke of the century..............................................

 

[Project Dharma]

Terrorists have hijacked Islam: Saudi envoy to India

The envoy noted that it is illogical and irrational for Saudi Arabia to remain anywhere but at the forefront of nations combating this scourge, and said the Kingdom has been a target of diverse terrorist groups for a long time.

He sure got it twisted, the peaceful Muslims have hijacked Islam in actuality.

 

[Indx TechStyle]

Cross Posting
Government bridging gap with West Asia

PM Narendra Modi in a meeting with the Deputy Crown Prince of Saudi Arabia
HIGHLIGHTS

• Narendra Modi has travelled to UAE, Qatar, Iran and Saudi Arabia.
• Sushma Swaraj has touched down in Bahrain, Israel and UAE.
• In the coming months, India will play host to leaders from UAE, Saudi Arabia, Qatar and Iran.

NEW DELHI: In one week. prime minister Narendra Modi held two important bilateral meetings on the sidelines of G-20 summit, with Mohammed bin Salman of Saudi Arabia and Recep Tayyip Erdogan of Turkey. And that was after he delayed his departure from Delhi enough to be able to meet with Gen Abdul Fattah el Sisi and sign a dozen agreements.

In the past year, the Modi government has virtually plastered itself across the Gulf and Middle East. Modi himself has travelled to UAE, Qatar, Iran and Saudi Arabia. President Pranab Mukherjee became the first Indian president to travel to Israel, Palestine and Jordan, while Sushma Swaraj has touched down in Bahrain, Israel and UAE. Other cabinet ministers have done their bit while NSA, Ajit Doval, flies under the radar but is working on security relationships across the region. This week it was the turn of minister of state MJ Akbar to engage the Iranian leadership, after visiting Iraq, Syria and Lebanon, while VK Singh has been helming government's diaspora outreach and mass evacuations from the region's troubled spots.

In the coming months, India will play host to leaders from UAE, Saudi Arabia and Qatar and Iran from the Gulf region, while president of Israel, Reuven Rivlin is expected to return Mukherjee's visit. In 2017, India and Israel will celebrate 25 years together, expect a top level visit either by Modi or Netanyahu -- and this after both leaders have met twice already.

India's interests in the region are evident -- spanning opportunities in energy (over 50 per cent of oil and 85 per cent of gas), trade and diaspora to challenges of terrorism and radicalization, India's infamous "Hormuz dilemma" (choking off the Straits of Hormuz would knock off India's oil supplies, thereby a strategic vulnerability) and the Pakistan obstacle.

The Asia to India's west has been a challenge to Indian foreign policy. Pakistan and Afghanistan have sucked the energy out of India's outreach to the region, while unhelpful OIC resolutions against India have frozen MEA interest. As the Middle East and the Levant collapsed in a heap of terror and sectarian wars in the past few years, a perplexed India again stayed out, despite the previous Manmohan Singh government coining a "Look West" strategy in 2005.

But in 2016, the outlook is different. The challenges remain, but India appears more able to exploit opportunities presented by regional and international developments to advance its interests. A growing Indian economy, depressed oil prices and a world economy made it more attractive as an economic destination. Modi used a rash of high voltage engagement with Gulf leaders to court investment, while demonstrating an interest in ironing out the glitches in the Indian system. In one year, investments from UAE jumped by $1 billion, even though trade came down. The growth of IS has highlighted the need for India's security system to stay involved in the region as it seeks to keep a handle on terrorism and radicalization at home. As Yemen, Iraq and Libya showed, India also needs to build the capabilities to evacuate thousands of distressed citizens at a moment's notice.

On the economic front, the government has set up an inter-agency monitoring system including MEA and FIPB to facilitate and help overseas investments, iron out systemic problems etc. India is offering oilfields to international bidders from the region, while Saudi Arabia's Aramco has indicated it wants a big bang entry into the Indian energy sector in both upstream and downstream projects. Top government sources said they have short-listed projects in energy and infrastructure sectors for companies from Qatar, UAE and Saudi Arabia, which will be flagged by Nitin Gadkari when he visits UAE in October. If the Gulf region is important for India's energy security, India has told these countries it is open to being an indispensable partner for their food security, something flagged by Modi to the Saudi prince and will be re-emphasised by MJ Akbar in Saudi Arabia and UAE in October.

As part of the new policy, MEA is taking a closer look at its envoys in these countries -- sources said government might look for attributes like ability to advance economic and security interests, which could even entail a reshuffle in the region.

It is in the security and defence areas that opportunities abound -- India has security pacts with UAE, Oman, Qatar and Saudi Arabia. In counter-terrorism and intelligence, the tip of the iceberg is the repatriation of terror suspects to India and sanctions on Pakistani terror outfits by the Saudis. India wants to move to the next level by holding military exercises with these countries, much like what they do in the east. Further down the road, India will be looking for an exclusive naval base either in the Horn of Africa or in the Gulf. On a political level, India wants to constrain Pakistan's operating space in this region, by pushing the boundaries of engagement with countries where Pakistan used to be the natural security partner. Interestingly, as India deepens its involvement in this region, it has to cleave a tighter balancing act. The wild cards here being Iran and Israel. Iran is a natural partner, and Israel has become among India's top defense and security partners worldwide, enjoying the trust and confidence of the Indian system in a way that is unmatched even by the Americans.

 

[Indx TechStyle]

@jmccargo oye hello hello, you are detailing the topic of my thread. You can't post advertisements as posts simply. Contact to our administrator @Yusuf.

@Sakal Gharelu Ustad @pmaitra I think promotion of personal businesses is against rules.

 

[Sakal Gharelu Ustad]

@jmccargo oye hello hello, you are detailing the topic of my thread. You can't post advertisements as posts simply. Contact to our administrator @Yusuf.

@Sakal Gharelu Ustad @pmaitra I think promotion of personal businesses is against rules.

done thanks..............................................

 

[Indx TechStyle]

India, Qatar ink five pacts on visas, cybersecurity, investments

PTI
NEW DELHI DECEMBER 03, 2016 15:28 IST
UPDATED: DECEMBER 03, 2016 15:32 IST
PM Modi also discussed energy, trade and security with his Qatari counterpart.

Prime Minister Narendra Modi on Saturday expressed India’s keenness to invest in hydrocarbon projects in Qatar during talks with his counterpart Sheikh Abdullah bin Nasser bin Khalifa Al Thani on key issues of energy, trade and security.

Modi and the Qatari Prime Minister, who is here on his first visit, discussed enhancing cooperation in defence and security, in particular in cybersecurity and agreed on joint action to tackle money laundering and terrorist financing.

After the talks, the two sides inked five pacts including in the field of visas, cyberspace and investments.

Modi said the visit of the Qatari Prime Minister showed the growing bilateral ties with Qatar, which India has always regarded as a “valued partner“.

“Go beyond buyer-seller relation”

The two leaders acknowledged that the current level of trade and investment was much below potential, External Affairs Ministry Spokesperson Vikas Swarup said, adding Modi highlighted the tremendous opportunities available for Qatari investment in India’s infrastructure and energy sectors.

On energy cooperation, Prime Minister Modi said, “We should go beyond the buyer-seller relationship to include Joint Ventures, Joint Research and Development and Joint Exploration.

“Indian companies were ready to invest in both upstream and downstream projects in Qatar in the hydrocarbon sector.”

Not only an important trading partner for India in the Gulf region, Qatar is also the largest supplier of LNG to it, accounting for 66 per cent of the total imports in 2015-16.

On his part, the Qatari leader invited India’s participation in infrastructure and investment opportunities coming up in the wake of Qatar hosting the FIFA World Cup in 2022. He also welcomed Indian investment in the port sector of Qatar.

“He (Modi) outlined the various measures taken by his government to open up the Indian economy and welcome FDI. The two leaders identified civil aviation as a priority sector for enhancing cooperation,” Swarup said.

Prime Minister Modi recalled that India imports eight million tonnes of urea per year and said “we would welcome a long-term arrangement with Qatar for the supply of urea”, the spokesperson said.

It was also conveyed that India could also meet Qatari needs in the area of food security, he said.

The two leaders also discussed the regional situation, particularly in Iraq, Syria and Yemen.

Swarup said five agreements weresigned in areas such as visa exemption for holders of diplomatic, special and official passports; technical cooperation in cyberspace and combating cybercrime, letter of intent regarding negotiations on an agreement on grant of e-visa for businessmen and tourists, and an MoU between the Supreme Committee for Delivery and Legacy of Qatar and CII.

Additionally, another MoU aimed at encouraging greater collaboration and exchange in the field of national ports management was also signed.

Earlier, National Security Advisor Ajit Doval called on the visiting dignitary.

While the visa pact will allow holders of diplomatic, special and official passport of the two countries to visa- free travel between the two countries, the ‘protocol on technical cooperation in cyberspace and combating cybercrime’ “adds an important dimension of bilateral technical cooperation in cyberspace and combating cybercrime to the existing framework agreement in the field of security signed on 10 November, 2008”.

 

[Indx TechStyle]

India, UAE to raise defence, security, space cooperation, ink deal in January
By: Huma Siddiqui | Published: December 30, 2016 6:24 AM

India and the UAE are expected to ink a ‘strategic agreement’ next month to elevate their relationship to a ‘comprehensive strategic partnership’. (Source: PTI)

India and the UAE are expected to ink a ‘strategic agreement’ next month to elevate their relationship to a ‘comprehensive strategic partnership’, providing for greater cooperation in areas such as defence and security, and space.

The agreement will be inked in the presence of Sheikh Mohammed bin Zayed Al Nahyan, the Abu Dhabi crown prince and deputy supreme commander of the UAE Armed Forces, who will be the chief guest at India’s Republic Day celebrations.

Prime Minister

Narendra Modi and the Abu Dhabi crown prince will also discuss expansion of economic engagement, particularly in the oil and renewable energy sector and increasing UAE’s investment in India. The two countries have also sought to promote strategic partnerships in the energy sector, including through UAE participation in India in the development of strategic petroleum reserves, upstream and downstream petroleum sectors.

Talking to FE, ambassador of UAE to India Dr Ahmed Al Banna said: “The draft of the ‘comprehensive strategic partnership’ agreement is expected to be finalised before the visit.” Once inked, this agreement in the presence of the leaders of both countries will see deeper collaboration in various sectors including aerospace, military diplomacy as well as nuclear power.

Referring to the announcement about the establishment of UAE-India Infrastructure Investment Fund with the aim to reach a target of $75 billion, Banna said: “A joint working group comprising the concerned representatives of both sides are working to finalise the structure, rules & regulations, exemption of taxation etc. Also, recently, a CEO was appointed to take care of the funds.”

The Indian government earlier this year cleared a memorandum of understanding (MoU) with the UAE to explore opportunities for mobilisation of up to $75-billion long-term investment in the National Investment and Infrastructure Fund (NIIF). This fund is supposed to support investment in India’s plans for rapid expansion of next-generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.

The UAE envoy said Dubai Holding’s Tecom Investments has invested in smart city Kochi in a joint venture with the Kerala government, which includes a 650,000-square foot IT tower. The design of smart city Kochi is based on the Dubai Internet City and Dubai Media City developments. Dubai Holding hopes to tap India’s burgeoning IT sector. “A lot of SMEs and MSMEs are looking at UAE as a gateway to MENA, GCC countries, East Africa, and the sub-Sahara region,” he added.

UAE’s national oil company Adnoc has already agreed to store crude oil in India’s maiden strategic storage and give two-third of the oil to it for free. India is building underground storages at Visakhapatnam in Andhra Pradesh and Mangaluru and Padur in Karnataka to store about 5.3 million tonnes of crude oil.

Besides food security, the UAE is also keen to increase its import of food from India. Defence cooperation is also going to be discussed between leaders of the two nations. The annual bilateral trade between UAE and India is currently around $60 billion. India is UAE’s number one trading partner while the Gulf nation is India’s third largest trading partner after the US and China. UAE is also India’s second largest export destination.

 

[Indx TechStyle]

Modi takes a selfie during his 2015 visit to UAE.
Image Credit: Flickr/ Narendra Modi
India-UAE Ties: Moving Beyond Oil
India and UAE have complementary economic goals.

India’s 68th Republic Day celebrations on January 26 will feature His Highness Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, UAE as the chief guest. The visit of the Crown Prince, also the deputy supreme commander of the UAE Armed Forces, will give a much needed boost to the cordial and stable relationship shared by India and UAE.

The India-UAE political relationship got a fresh start in August 2015, when India’s Prime Minister Narendra Modi visited Abu Dhabi, becoming the first Indian PM to do so in 34 years. The renewed friendship comes against the backdrop of Modi’s aggressive courting of foreign investments and Abu Dhabi’s new oil diplomacy, underlining economic diversification. In the fast changing global economic and political landscape, strategic bilateral cooperation is the answer to growth and security.

Beyond Oil Revenues

The decline in oil prices motivated Abu Dhabi, the wealthiest of the seven emirates, to seek revenue sources beyond oil money. The Crown Prince’s visit to India comes at a time when the emirate, the capital of UAE, is focused on economic diversification by concentrating on non-oil sector growth and fiscal consolidation.

Business apart, on the political front, Abu Dhabi is wary of the ongoing global political developments and their subsequent impact: Iran’s presidential election in May, upcoming polls in Germany, Brexit, and most notably, President Donald Trump assuming office in the United States. These events are prompting UAE to be ready to renew and revitalize old relationships.

UAE’s economic integration with the Arab world faces its own set of challenges. Countries like Syria, Iraq, Libya, and Yemen are embroiled in conflict, precluding any hope of unified Arab economic development. A high level of unemployment among Arab youth is a matter of concern fueling terrorism in the region. There has been a sharp decline in inter-Arab investments and the developmental disparities between the countries make cooperation and growth within the Middle East a complicated matter. The experiment of the “GCC (Gulf Cooperation Council) model” — a vision for a common Gulf market, customs union, workforce nationalization, and even a common foreign policy and defense policy — is underway but has yet to yield the desired results. Thus UAE is looking farther afield for partners.

New Delhi, on the other hand, is looking for energy security and fresh investments. An emphasis on commerce and economic cooperation is central to Modi’s foreign policy. There are already rich economic links between India and UAE. Trade between India-UAE stood at $60 billion in 2015; both sides aim to increase trade by 60 percent in five years, setting a target of $100 billion by 2020. A $75 billion fund was also set up to develop India’s infrastructure, along with a new task force to push investments under this fund.[/QUOTE

Meanwhile, Indians constitute the largest expat population in UAE, numbering 2.6 million or 30 percent of UAE’s population. Modi’s diaspora diplomacy ensures the increased flow of remittances, which recorded an impressive $69 billion in 2015.

In recent years, oil-price volatility has led emirates such as Abu Dhabi and Dubai to prioritize diversifying revenue sources. The Abu Dhabi Economic Vision 2030, launched in 2008, highlights promotion of non-oil segments, development of the private sector, and adoption of a disciplined fiscal policy. One of the nine pillars of the Vision 2030 aims at the growth of a highly skilled and productive workforce and focuses on development of the knowledge economy.

By end of 2030, Abu Dhabi aims to generate some 64 percent of GDP from non-oil sources. Though the emirate sits on sovereign wealth assets worth $792 billion, the largest in the Middle East, it now feels the needs to expand its economic outreach and integrate globally, diversifying away the petroleum sector.

Even as Abu Dhabi and rest of the emirates are enacting tangible reform measures as envisioned in UAE’s short-term plan, UAE Vision 2021, these steps are being complemented by soft reforms. The recently established Ministry of Happiness, Tolerance, and the Future, aims to create a culture of tolerance among youth, harness their energy productively, and prevent them from falling for fanaticism and extremism through National Tolerance Program. An increased representation of women in the workforce is also being encouraged.

Going forward, UAE has challenges ahead in terms of adjusting its public policies to promote research and innovation and to set up globally competitive industries. To wean itself off oil, UAE will have to develop value-added exports and encourage a thriving private sector to support industries and human capital development.

The Crown Prince’s upcoming visit to India is another sign that the two countries believe their economic goals are interlinked and best achieved through cooperation.

 

[Indx TechStyle]

India, UAE ties to turn strategic during crown prince’s Republic-day visit

United Arab Emirates Cabinet Member and Minister of State Rashid Ahmad bin Fahad (L) shakes hands with Prime Minister Narendra Modi, on the sidelines of the Vibrant Gujarat Global Summit 2017, in Gandhinagar. (File photo)

NEW DELHI: India will conclude Comprehensive Strategic Partnership with? UAE, which until now has been a key strategic ally of Pakistan.

The shift is signified with India inviting the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan as Chief Guest for Republic-day. UAE, which has enjoy deep defence ties with Pakistan, has decided to expand its ambit amid the growing flux in West Asia. Pakistan too has been exploring new equations of late.

The CSP with India that was agreed to be concluded during Zayed Al Nahyan visit here last February is not an empty box. This includes robust defence ties including exports to the Gulf state and joint production besides expanding scope of counter-terror and economic partnership.

India sees UAE as one its main destinations for arms exports in the future, according to persons familiar with the matter. Reliance Defence Limited (RDL) has signed a strategic Memorandum of Understanding (MoU) with Emirates Defence Industries Company (EDIC), a leading integrated Defence Company in the United Arab Emirates. RDL and EDIC will jointly explore the opportunities for manufacturing and building capabilities in defence vehicles, aviation and associated areas, defence equipment and armament manufacturing, defence electronics, commercial and navy ships, MRO of military equipment / platforms, according to informed sources.

The two sides also plan to give momentum to joint defence training and exercise. Both sides took forward their training relationship after a gap of eight years in 2016. 'Desert Eagle II', which was the second in the series of bilateral exercises between Indian Air Force (IAF) and United Arab Emirates Air Force (UAE AF), was held during May-June 2016. This was a ten-day air combat exercise in which the IAF and the UAE Air Force undertook air exercises from Al-Dhafra Air Base, Abu Dhabi starting from 22 May 2016. The last desert eagle exercise was held in 2008. A contingent from the UAE armed forces is expected to participate at the Republic Day Parade.

Strengthening Defence partnership was one of the major outcomes of Narendra Modi's trip to the UAE in 2015 -- his first trip to the region after getting election and first by an Indian PM to Abu Dhabi in over three decades. Bilateral defence ties, which has potential to be first comprehensive in nature between India and any Gulf nation, received further boost with Zayed Al Nahyan's last trip.

Expansion of counter-terror coordination and cooperation including cooperation among security agencies will add momentum to India-UAE CSP. This is significant amid reports of further slide in UAE-Pak ties following recent assassination of five UAE diplomats in Afghanistan. Kandahar's Police Chief Abdul Raziq had alleged that Pakistan's Inter-Services Intelligence and the Haqqani Network were behind the terror attack. This was the first time that UAE diplomats were targeted on foreign soil. Earlier in 2015 UAE has been upset with Islamabad for its refusal to send troops in the Yemen conflict.

The growing India-UAE strategic partnership can be gauged from the fact that Abu Dhabi sent out a clear public statement on September 19 a day after Uri attacks suggesting that Delhi should take decisive action against perpetrators. Earlier UAE was among the countries that came out in India's support within hours of the Pathankot attack. According to counter-terror experts UAE is perturbed with growing terrorist network in the Gulf fearing attacks on its soil. Delhi is emerging as a key counter-terror partner for Abu Dhabi notwithstanding UAE's traditional ties with Pakistan. But Islamabad's Kashmir bogey is cutting not much ice with UAE.

Resource rich UAE sees considerable economic opportunities in India as evidenced by its decision to invest $75 billion in India's infrastructure over the long term and a huge business delegation is likely to accompany the Crown Prince for his trip. Indo-UAE energy ties particularly with regard to strategic oil reserves is also expected to receive boost during the Crown Prince trip.

 

[Indx TechStyle]

India may assist UAE in air defence system

 

[Indx TechStyle]

India, UAE hold first strategic dialogue in defence and security

The Gulf nation is among the top investors in India in terms of foreign direct investments and was the fifth largest supplier of crude oil to India in 2015-16.

NEW DELHI: Ahead of Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan's arrival here as chief guest for this year's Republic Day celebrations, India and the UAE held their first strategic dialogue on Friday keeping with the decision to elevate the bilateral relationship to Comprehensive Strategic Partnership.

"Pursuant to the decision to elevate their relations to a Comprehensive Strategic Partnership during the exchange of the visits at the highest level between India and United Arab Emirates (UAE) in August 2015 and February 2016, the two sides held the first meeting of strategic dialogue between the two foreign offices on January 20 in New Delhi," the External Affairs Ministry said in a statement.

It said that in the meeting, which was co-chaired Minister of State for External Affairs M.J. Akbar and his UAE counterpart Anwar Mahammed Gargash, "the two sides were represented by strong delegations drawn from a number of relevant ministries and departments".

"During the meeting, the two sides discussed a number of issues ranging from cooperation in the areas of trade and investments to expanding the bilateral cooperation to new areas under the strategic partnership, inter alia in the areas of energy security and renewable energy, defence and security, electronics and information technology and space," the statement said.

Stating that the meeting provided an opportunity to prepare for the forthcoming state visit of the Crown Prince of Abu Dhabi as the chief guest of the Republic Day celebrations, it said: "The two sides agreed on a number of new initiatives to further strengthen the bilateral cooperation and on signing of fresh instruments of cooperation."

Following Prime Minister Narendra Modi's visit to the UAE in August 2015, the two countries had agreed to elevate the mutually beneficial relationship to a Comprehensive Strategic Partnership.

Sheikh Mohamed, who reaches here on January 24, will be on his second visit to India since February 2016.

Bilateral trade between India and the UAE stood at about $50 billion in 2015-16.

The Gulf nation is among the top investors in India in terms of foreign direct investments and was the fifth largest supplier of crude oil to India in 2015-16.

At 2.6 million, Indians form the largest expatriate group in the UAE.

 

[Indx TechStyle]

India-Arab Partnership: Extraordinary Potential Needs Quick Realisation – Analysis

Flag of India

The fifth India-Arab Partnership Conference (IAPC) was held in Muscat on December 14-15, 2016 on the theme “Partnership towards Innovation and Cooperation in IT” and was attended by Ministers and business delegates from 20 Arab League countries and India.

The biannual partnership conference was first held in 2008 to explore the opportunities for promoting business and enhancing flow of investments from both sides and has since emerged as a flagship biannual event for exploring business opportunities for public and private sectors from India and the Arab countries. It has gradually acquired greater significance and become bigger both in its scale and participation with nearly 500 delegates attending this time.

The first two conferences were held in New Delhi (April 2008 and August 2010) and laid the framework for reinvigorating trade between India and the Arab countries. The third IAPC was held in Abu Dhabi in May 2012 and the fourth in New Delhi (November 2014) and focused on accelerating efforts towards investments and finding more business opportunities.

Inaugurating the fourth IAPC, India’s Minister of State for Commerce and Industry Nirmala Sitharaman emphasised the significance of investments from Arab countries in India saying “the Indian growth story would be incomplete without the participation of friends like the Arab League”.

In the latest IAPC, India was represented by a large delegation with business leaders from various sectors and government officials led by Minister of State for External Affairs M.J. Akbar attending the conference. Akbar in his speech highlighted the need for governments to become facilitators for people to explore opportunities and tap potentials and “to find one another”.

Emphasising the need for “reform of conventional behavior and thinking”, Akbar underlined the initiatives taken by the Indian government to remove hurdles in creating a conducive environment for business.

The minister said: “India is preparing itself for transformation… through sweeping changes in regulatory and administrative reforms” including a single pan-India taxation system — Goods and Services Tax — that will be in place from the 2017-18 financial year and a liberalised FDI regime with even the defence sector opened.

He said India, recognising the problem faced by foreign investors in taking clearances from various agencies, is working towards “streamlining of clearances” and reducing the time required for pre-requisites such as IPR application, Trade Mark registration and environmental clearances through a single window — Invest India Authority.

Akbar observed that India-Arab partnership has extraordinary potential as India has “the talent at every level of human resource needed for the new economy” and the Gulf countries have the wealth that “can be profitably invested in India’s burgeoning infrastructure sector”.

The focus is on attracting investments and facilitating business by convincing Gulf investors to try the Indian market. So far, India has not attracted the expected amount of investments and Gulf investors, though looking to invest abroad, remain suspicious of the infamous ‘slow’ and ‘corrupt’ Indian system which the government is trying to iron out.

To build confidence among Gulf investors, India would be required to walk that extra mile which Prime Minister Narendra Modi is trying to do through sustained political engagements and smoothening the trouble spots in the system to attract investments from Gulf countries and improve bilateral trade and commerce.

 

[Indx TechStyle]

By The Financial Express
14 India-UAE agreements that show Abu Dhabi means serious business here
By: FE Online | New Delhi | Updated: January 26, 2017 5:58 PM

Prime Minister Narendra Modi with Abu Dhabi’s crown prince Mohamed bin Zayed Al Nahyan in New Delhi on Wednesday. (Source: narendramodi.in)
Prime Minister Narendra Modi today highlighted strategic significance of India-UAE relations for both countries. India is hosting Abu Dhabi’s crown prince Mohamed bin Zayed Al Nahyan as a special guest for the Republic Day celebrations tomorrow. Addressing a press meet, PM Modi said, “UAE is one of our most valued partners and a close friend in an important region of the world.” PM Modi said India regarded UAE as an important partner in India’s growth story. Both countries are united not only for business but also by a cultural history also. Scores of Indian citizens also live in the US.
Both countries are united not only for business but also by a shared cultural history also. Scores of Indian citizens also live in the UAE. In August 2015, UAE had agreed to increase its investments in India to USD 75 billion (about Rs 5 lakh crore) including through a dedicated infrastructure fund. The two countries had also agreed to raise bilateral trade by 60 per cent by 2020.

Taking the good relations forward, both countries today signed a number of agreements/MOUs which also show that Abu Dhabi means business in India. Here we take a look at 14 such agreement.

1.Agreement on Comprehensive Strategic Partnership between India and UAE
This is a general framework agreement which highlights the areas of bilateral cooperation identified under the comprehensive strategic partnership as agreed upon in the high-level joint statements issued in the August 2015 and February 2016.

2. MoU between Ministry of Defence, India and Ministry of Defence, UAE on cooperation in the field of defence industry

This MoU aims to establish cooperation in the identified fields of defence manufacturing and technology, including through studies, research, development, innovation and cooperation between public and private sector institutions of the two countries. The two sides will cooperate in areas of armaments, defence industries and transfer of technology.

3. MoU in Institutional Cooperation on Maritime Transport

This MoU provides a framework for enhancing bilateral maritime trade ties through facilitating maritime transport, free transfer of monies between contracting parties and reciprocal recognition of ships’ documents.

4.MOU between Directorate General of Shipping, India and Federal Transport Authority- Land and Maritime, UAE on Mutual Recognition of Certificates of Competency as per the provisions of the Standards of Training, Certification and Watch-keeping Convention (STCW78) and amendments

This MoU aims to deepen the maritime economic activities in general by establishing a framework for Mutual Recognition of Certificates of Competency of marine officers, engineers and crews.

5. MoU between Ministry of Road Transport and Highways, India and Federal Transport Authority, Land and Maritime, UAE on Bilateral Cooperation in road, transport and highways sector

This MoU aims to establish cooperation in the sectors of highways and road transport through sharing of technologies, systems and best practices in freight logistics, warehousing and value added services.

6. MOU on cooperation in prevention and combating of human trafficking

This MoU aims to enhance bilateral cooperation on the issue of prevention, rescue, recovery and repatriation related to human trafficking, especially of women and children expeditiously.

7. MoU for cooperation in the field of Small and Medium Enterprises (SMEs) and innovation between Ministry of Economy, United Arab Emirates and Ministry of Micro, Small and Medium Enterprises (MoSMSME), India

This MoU aims at promoting cooperation in MSMEs Sectors, including in joint projects, R & D and related activities.

8. MoU between Ministry of Agriculture and Farmers’ Welfare, India and Ministry of Climate Change & Environment, UAE in agriculture and Allied sectors

This MoU aims to develop a framework for cooperation in various agricultural fields of mutual interest, including through enhancement of cooperation in food processing and transfer of technology in cultivation methods.

9. MOU on mutual exemption of entry visa requirements to the holders of diplomatic, special and official passports

The agreement allows holders of diplomatic, special and official passports visa-free travel between the two countries.
10. MoU between Prasar Bharati, India and Emirates News Agency (WAM), UAE for cooperation in programme exchange

This MoU aims to strengthen ties between Prasar Bharati and Emirates News Agency (WAM), UAE through cooperation in the field of broadcasting, mutual exchange of programmes, news and best practices.

11. MoU between Ministry of Commerce and Industry, India and Ministry of Economy, UAE on trade remedial measures to promote cooperation in areas of mutual interest

This MoU aims to enhance cooperation in the field of anti-dumping and allied duties through exchange of information, capacity-building, seminars and trainings in mutually identified areas related to trade remedial measures.

12. Agreement on Oil Storage And Management between Indian Strategic Petroleum Reserves Limited and Abu Dhabi National Oil Company

This agreement aims to establish a framework for the storage of crude oil by Abu Dhabi National Oil Company in India and to further strengthen the strategic relationship between the two countries in the field of energy.

13. MOU between National Productivity Council and Al Etihad Energy Services Co. LLC

This MOU is on Cooperation in Energy Efficiency Services.

14. MOU between National Security Council Secretariat, India and National Electronic Security Authority, UAE

This MoU is on technology development and cooperation in cyberspace.

(List of MOUs released by PIB)

 

[Indx TechStyle]

Abu Dhabi Crown Prince Explains How India-UAE Ties Transformed In 2 Years
Joint press briefing of PM Modi and Abu Dhabi Crown Prince

 

[Kshatriya87]

Store Our Oil And Take Two-Thirds For Free: UAE's Offer to India
Press Trust of India | Updated: Feb 10, 2016 19:35 IST

I've read this news before and its a good one. But does UAE need storage in India? They have plenty of space in their country.

 

[Indx TechStyle]

I've read this news before and its a good one. But does UAE need storage in India? They have plenty of space in their country.

Unlike other Arab countries dependent on oil with uncertain future, AE has real plans to boost economy with trade & innovation. Oil based economies will become irrelevant within 30 years as world is shifting towards other sources of energy.

Simply, it wants a valuable country as a permanent partner. As China is more leveraged towards Saudi Arabia, India will be perfect for UAE. One of AE's largest trade partner, diaspora in AE, meaningful in geopolitics and an emerging economy and military which can provide it an umbrella in future too. Today it invests in India, later it will get invested back.

So, this all attempt is just for seeking an "all weather friend", fortunately, India got the chance.

Strategic storage of oil in India is a boon for India on other hand. While China has got Gwadar in Pakistan to protect Malacca strait, India is still negotiating for a base near Hormuz Strait to protect oil supplies.

UAE just cured our headache. :biggrin2: So, called Muslim brother of Pakistan has provided India with energy security. They will be paid back with nice things.

http://defencenews.in/article/Are-w...dias-Strategic-Underground-Oil-Reserves-39370
Are we preparing for War ? Govt. is fast filling up India's Strategic Underground Oil Reserves

• Underground storage facilities at Visakhapatnam has already been filled up
• Nearly a quarter of the Mangalore storage facility has also been filled
• Underground Storage facility at Padur has also been completed and commissioning is expected shortly

India’s strategic plan to build an emergency stockpile with millions of barrels of crude oil, on the lines of the reserves that the US and its Western allies set up after the first oil crisis of 1973-74, is in the rollout phase.

Under the first stage of the Strategic Petroleum Reserve project, underground rock caverns for total storage of 5.33 MMT of crude oil at three locations — Visakhapatnam (1.33 MMT), Mangalore (1.5 MMT) and Padur (2.5 MMT) have been commissioned. The facility at Visakhapatnam, deep in the bowels of the earth, in underground rock caverns connected by tunnels extending over 7 km under the hills around Andhra Pradesh’s biggest city, has already been filled up while nearly a quarter of the Mangalore storage facility has also been filled. The storage facility at Padur has also been completed and commissioning is expected shortly. The total approved expenditure for the entire project is Rs 4,098.35 crore, of which 3,552.59 has already been disbursed till the end of October, officials indicated.

Each of these projects involved substantive civil works. In the Visakhapatnam project, to create the caverns, nearly 8 million cubic metres of rock that weighed over 21 million tonnes had to be scooped out of the earth. In the run-up to the commissioning, water was let into the rocks around the tunnel at high pressure to prevent the crude from seeping out — a process called ‘hydraulic confinement’ — and the mouths of the tunnels were then sealed with concrete plugs three metres thick by the executing utility — the Indian Strategic Petroleum Reserves Limited (ISPRL) — a special purpose vehicle floated as a wholly-owned subsidiary of the Oil Industry Development Board for the management of the strategic crude storage. The other two projects at Mangalore and Padur, both on the west coast of Karnataka, were offered pipeline connections from the nearest ports early this year.

Crude oil from the reserves are to be released by an empowered committee constituted by the government, in the event of any supply disruptions from abroad. These include any natural calamity or any unforeseen global event, leading to an abnormal increase in prices. Apart from the capital cost of Rs 4,098 crore, the crude oil cost would be approximately Rs 11,725 crore.

The concept of building underground caverns to store oil is not new. In the US, the crude reserve is stored at four sites in the Gulf of Mexico, each located near a major centre of petrochemical refining and processing and with each site containing a number of artificial caverns created in salt domes below the surface. The world’s second largest emergency supply of oil is reported to be in Japan, which has a strategic reserve composed of three types of stockpiles.

While the concept of massive caverns deep below the surface of the earth has been traditionally marketed as an energy security measure that can be a defence against an attack or invasion of some sort, underground storage is, by far, also the most economic method of storing petroleum products.

According to an expert from the National Institute of Rock Mechanics, Kolar, Karnataka, the underground facility rules out the requirement of large swathes of land, loads of security, ensures less evaporation and, since the caverns are built much below the sea level, it is easy to discharge crude into them from ships.

The three storage facilities to be implemented in the first phase can hold 13 days of India’s crude stock requirement. The International Energy Agency (IEA) actually recommends 90 days. So, clearly, there is need to build more. A second phase is also under planning, which seeks to create 12.5 million tonnes of storage capacity, at Padur, Chandikhol (Odisha), Bikaner (Rajasthan) and Rajkot (Gujarat). Chandikhol is likely to be underground concrete tanks while in Bikaner, which has mountains of salt underground, a cavern is easy to build.

Keeping in view the current phase of low crude oil prices, experts cite this as an opportune time to proceed with the dedicated strategic oil reserve. In terms of arranging the crude, Indian Oil Corporation is learnt to have purchased two million barrels of crude oil from China’s Unipec to be shipped into Visakhapatnam and three more purchases, totalling six million more barrels, were being negotiated to fully charge the Visakhapatnam facility. “This crude oil will come to the Visakhapatnam cavern and the crude will remain with ISPRL. Crude oil will not be owned by the oil companies. We have requested the oil companies like Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited to help them in procuring crude oil. The payment will be made by the government by way of budgetary provision of funds,” an official involved in the exercise said.

The dedicated strategic reserve is something that is long overdue, given India’s dependency on imported fuel to meet its needs. India consumes an estimated 3.8 million barrels a day, of which about 80 per cent is imported, making it the world’s fourth-largest oil consuming nation in the world. The IEA predicts that by 2020, India could well be the largest oil importer, increasing the country’s vulnerability to threats of physical supply disruptions and to sharp price fluctuations.

The concept of dedicated strategic reserves was first mooted in 1973, after the first oil crisis. Western strategic reserves have been tapped during the first Gulf War (1991) and after Hurricane Katrina (2005). Besides the energy security, there is a commercial angle to it as well. Even as limited storage option would offer ISPRL the leverage to be a serious player in the international oil markets, with the option of releasing inventory when prices surge and recharging reservoirs whenever the crude is on a downcycle. Experts point to the option of storage being leased out to West Asian refiners, especially since it reduces their freight costs into Southeast Asian markets.

On the crude oil purchase agreements executed to fill in the caverns, a ministry official said: “IOC and HPCL, in early March 2015, were advised to place the orders for 2 VLCCs (very large crude carriers) each of Basrah Light Crude for their own requirement with the understanding that if the approval of Cabinet Committee on Economic Affairs is obtained, the load would be diverted to ISPRL for filling the crude in the Visakhapatnam rock cavern storage facility and the companies can issue fresh orders for their own use.” The CCEA, in its meeting held on March 31, 2015, had decided that the entire cost for filling the crude oil in Visakhapatnam cavern would be met by the government against the Twelfth Plan outlay of Rs 4,948 crore under the budgetary support scheme for the Indian Strategic Storage Programme for storage of crude oil by ISPRL, with the remaining amount to be used for filling up the strategic caverns at Mangalore and Padur.


Global Crude Reserves ::

THE US:
The country’s Department of Energy’s Strategic Petroleum Reserve (SPR) is an emergency fuel storage that is the largest emergency supply in the world with the capacity to hold up to 727 million barrels. As of end-February 2015, the inventory was 691.0 million barrels, which was equivalent to about 37 days of oil at 2013 daily US consumption levels of 18.49 million barrels per day. The total value of the crude in the SPR is approximately $43.5 billion. The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to tide over future temporary supply disruptions. The SPR management office is located in New Orleans, Louisiana. The reserve is stored at four sites on the Gulf of Mexico, each located near a major centre of petrochemical refining and processing. Each site contains a number of artificial caverns created in salt domes below the surface.

Japan:
The country has the second largest emergency supply of oil with a reported capacity of close to 600 million barrels. The SPR is composed of two types of stockpiles — state controlled reserves at eleven different locations totaling 324 million barrels and privately-held reserves of petroleum held “in accordance with the Petroleum Stockpiling Law” of 129 million barrels. The Japanese SPR is run by the Japan Oil, Gas and Metals National Corporation.

China:
The Chinese Strategic Petroleum Reserve consists of a government-controlled strategic reserve complemented by mandated commercial reserves. The planned state reserves of 475 million barrels plus the planned enterprise reserves of 209 million barrels are expected to provide around 90 days of consumption or a total of 684 million barrels.

European Union:
In the European Union, according to Council Directive of December 20, 1968, all 27 members musthave a strategic petroleum reserve within the territory of the EU equal to at least 90 days average daily internal consumption.

 

[Indx TechStyle]

sultan of abu dhabi saying jai siya ram
Looks nice for trolling neighbors!
@Project Dharma @Bornubus

 

[Kshatriya87]

Unlike other Arab countries dependent on oil with uncertain future, AE has real plans to boost economy with trade & innovation. Oil based economies will become irrelevant within 30 years as world is shifting towards other sources of energy.

Simply, it wants a valuable country as a permanent partner. As China is more leveraged towards Saudi Arabia, India will be perfect for UAE. One of AE's largest trade partner, diaspora in AE, meaningful in geopolitics and an emerging economy and military which can provide it an umbrella in future too. Today it invests in India, later it will get invested back.

So, this all attempt is just for seeking an "all weather friend", fortunately, India got the chance.

Strategic storage of oil in India is a boon for India on other hand. While China has got Gwadar in Pakistan to protect Malacca strait, India is still negotiating for a base near Hormuz Strait to protect oil supplies.

UAE just cured our headache. :biggrin2: So, called Muslim brother of Pakistan has provided India with energy security. They will be paid back with nice things.

http://defencenews.in/article/Are-w...dias-Strategic-Underground-Oil-Reserves-39370
Are we preparing for War ? Govt. is fast filling up India's Strategic Underground Oil Reserves

• Underground storage facilities at Visakhapatnam has already been filled up
• Nearly a quarter of the Mangalore storage facility has also been filled
• Underground Storage facility at Padur has also been completed and commissioning is expected shortly

India’s strategic plan to build an emergency stockpile with millions of barrels of crude oil, on the lines of the reserves that the US and its Western allies set up after the first oil crisis of 1973-74, is in the rollout phase.

Under the first stage of the Strategic Petroleum Reserve project, underground rock caverns for total storage of 5.33 MMT of crude oil at three locations — Visakhapatnam (1.33 MMT), Mangalore (1.5 MMT) and Padur (2.5 MMT) have been commissioned. The facility at Visakhapatnam, deep in the bowels of the earth, in underground rock caverns connected by tunnels extending over 7 km under the hills around Andhra Pradesh’s biggest city, has already been filled up while nearly a quarter of the Mangalore storage facility has also been filled. The storage facility at Padur has also been completed and commissioning is expected shortly. The total approved expenditure for the entire project is Rs 4,098.35 crore, of which 3,552.59 has already been disbursed till the end of October, officials indicated.

Each of these projects involved substantive civil works. In the Visakhapatnam project, to create the caverns, nearly 8 million cubic metres of rock that weighed over 21 million tonnes had to be scooped out of the earth. In the run-up to the commissioning, water was let into the rocks around the tunnel at high pressure to prevent the crude from seeping out — a process called ‘hydraulic confinement’ — and the mouths of the tunnels were then sealed with concrete plugs three metres thick by the executing utility — the Indian Strategic Petroleum Reserves Limited (ISPRL) — a special purpose vehicle floated as a wholly-owned subsidiary of the Oil Industry Development Board for the management of the strategic crude storage. The other two projects at Mangalore and Padur, both on the west coast of Karnataka, were offered pipeline connections from the nearest ports early this year.

Crude oil from the reserves are to be released by an empowered committee constituted by the government, in the event of any supply disruptions from abroad. These include any natural calamity or any unforeseen global event, leading to an abnormal increase in prices. Apart from the capital cost of Rs 4,098 crore, the crude oil cost would be approximately Rs 11,725 crore.

The concept of building underground caverns to store oil is not new. In the US, the crude reserve is stored at four sites in the Gulf of Mexico, each located near a major centre of petrochemical refining and processing and with each site containing a number of artificial caverns created in salt domes below the surface. The world’s second largest emergency supply of oil is reported to be in Japan, which has a strategic reserve composed of three types of stockpiles.

While the concept of massive caverns deep below the surface of the earth has been traditionally marketed as an energy security measure that can be a defence against an attack or invasion of some sort, underground storage is, by far, also the most economic method of storing petroleum products.

According to an expert from the National Institute of Rock Mechanics, Kolar, Karnataka, the underground facility rules out the requirement of large swathes of land, loads of security, ensures less evaporation and, since the caverns are built much below the sea level, it is easy to discharge crude into them from ships.

The three storage facilities to be implemented in the first phase can hold 13 days of India’s crude stock requirement. The International Energy Agency (IEA) actually recommends 90 days. So, clearly, there is need to build more. A second phase is also under planning, which seeks to create 12.5 million tonnes of storage capacity, at Padur, Chandikhol (Odisha), Bikaner (Rajasthan) and Rajkot (Gujarat). Chandikhol is likely to be underground concrete tanks while in Bikaner, which has mountains of salt underground, a cavern is easy to build.

Keeping in view the current phase of low crude oil prices, experts cite this as an opportune time to proceed with the dedicated strategic oil reserve. In terms of arranging the crude, Indian Oil Corporation is learnt to have purchased two million barrels of crude oil from China’s Unipec to be shipped into Visakhapatnam and three more purchases, totalling six million more barrels, were being negotiated to fully charge the Visakhapatnam facility. “This crude oil will come to the Visakhapatnam cavern and the crude will remain with ISPRL. Crude oil will not be owned by the oil companies. We have requested the oil companies like Indian Oil Corporation Limited and Hindustan Petroleum Corporation Limited to help them in procuring crude oil. The payment will be made by the government by way of budgetary provision of funds,” an official involved in the exercise said.

The dedicated strategic reserve is something that is long overdue, given India’s dependency on imported fuel to meet its needs. India consumes an estimated 3.8 million barrels a day, of which about 80 per cent is imported, making it the world’s fourth-largest oil consuming nation in the world. The IEA predicts that by 2020, India could well be the largest oil importer, increasing the country’s vulnerability to threats of physical supply disruptions and to sharp price fluctuations.

The concept of dedicated strategic reserves was first mooted in 1973, after the first oil crisis. Western strategic reserves have been tapped during the first Gulf War (1991) and after Hurricane Katrina (2005). Besides the energy security, there is a commercial angle to it as well. Even as limited storage option would offer ISPRL the leverage to be a serious player in the international oil markets, with the option of releasing inventory when prices surge and recharging reservoirs whenever the crude is on a downcycle. Experts point to the option of storage being leased out to West Asian refiners, especially since it reduces their freight costs into Southeast Asian markets.

On the crude oil purchase agreements executed to fill in the caverns, a ministry official said: “IOC and HPCL, in early March 2015, were advised to place the orders for 2 VLCCs (very large crude carriers) each of Basrah Light Crude for their own requirement with the understanding that if the approval of Cabinet Committee on Economic Affairs is obtained, the load would be diverted to ISPRL for filling the crude in the Visakhapatnam rock cavern storage facility and the companies can issue fresh orders for their own use.” The CCEA, in its meeting held on March 31, 2015, had decided that the entire cost for filling the crude oil in Visakhapatnam cavern would be met by the government against the Twelfth Plan outlay of Rs 4,948 crore under the budgetary support scheme for the Indian Strategic Storage Programme for storage of crude oil by ISPRL, with the remaining amount to be used for filling up the strategic caverns at Mangalore and Padur.


Global Crude Reserves ::

THE US:
The country’s Department of Energy’s Strategic Petroleum Reserve (SPR) is an emergency fuel storage that is the largest emergency supply in the world with the capacity to hold up to 727 million barrels. As of end-February 2015, the inventory was 691.0 million barrels, which was equivalent to about 37 days of oil at 2013 daily US consumption levels of 18.49 million barrels per day. The total value of the crude in the SPR is approximately $43.5 billion. The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to tide over future temporary supply disruptions. The SPR management office is located in New Orleans, Louisiana. The reserve is stored at four sites on the Gulf of Mexico, each located near a major centre of petrochemical refining and processing. Each site contains a number of artificial caverns created in salt domes below the surface.

Japan:
The country has the second largest emergency supply of oil with a reported capacity of close to 600 million barrels. The SPR is composed of two types of stockpiles — state controlled reserves at eleven different locations totaling 324 million barrels and privately-held reserves of petroleum held “in accordance with the Petroleum Stockpiling Law” of 129 million barrels. The Japanese SPR is run by the Japan Oil, Gas and Metals National Corporation.

China:
The Chinese Strategic Petroleum Reserve consists of a government-controlled strategic reserve complemented by mandated commercial reserves. The planned state reserves of 475 million barrels plus the planned enterprise reserves of 209 million barrels are expected to provide around 90 days of consumption or a total of 684 million barrels.

European Union:
In the European Union, according to Council Directive of December 20, 1968, all 27 members musthave a strategic petroleum reserve within the territory of the EU equal to at least 90 days average daily internal consumption.

@Indx TechStyle As per yesterday's budget, Jaitley also said that oil reserves will be increased in India. Do you have any additional details on that?