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Last Updated : Oct 14, 2020 06:51 PM IST | Source: Reuters

India allows ADNOC to export oil from strategic reserve: Prakash Javadekar

Allowing ADNOC to export its oil mirrors a model adopted by countries such as Japan and South Korea which allow oil producers to re-export crude storage.

Reuters

The Indian cabinet on October 14 allowed Abu Dhabi National Oil Co (ADNOC) to export oil from a Mangalore strategic storage, a government minister said, marking a policy shift that could enhance foreign participation as India seeks to expand its storage capacity.

Allowing ADNOC to export its oil mirrors a model adopted by countries such as Japan and South Korea which allow oil producers to re-export crude storage. India has formerly barred oil exports from strategic storage.

"The move will facilitate trade for ADNOC," Prakash Javadekar, minister of environment, forest and climate change, told a news briefing after the cabinet meeting.

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First Published on Oct 14, 2020 06:49 pm
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