UAE seeks to increase energy exports to India

New Delhi:  The UAE has expressed its keenness to increase its energy exports as well as downstream investments in India, Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan said.

"We would like to see more UAE energy exports to India especially when it comes to crude oil....There are talks between our officials looking at these avenues and even further. We would like to see UAE presence in downstream investments in India, including petrochemicals," Shaikh Abdullah told reporters yesterday during a joint press conference with Indian Minister of External Affairs S.M. Krishna.

Shaikh Abdullah and Krishna held a wide range of discussions on international, regional and bilateral issues, including ways to boost trade ties, maritime security cooperation to tackle piracy and India-Pakistan ties.

In a bid to boost their $57 billion (Dh209.37 billion) bilateral trade, India and the UAE yesterday decided to set up a high-level joint task force to explore investment opportunities, including in the energy sector.

The task force will be headed by Abu Dhabi Investment Authority (Adia) Managing Director Shaikh Hamad Bin Zayed Al Nahyan and India's Commerce, Industries and Textiles Minister Anand Sharma.

Trading partner

The UAE is India's largest trading partner and the fourth largest supplier of crude oil.

Shaikh Abdullah also said that he was "pleased" to see the developing "vibrant" ties between India and Pakistan.

According to PTI, the two sides also discussed the forthcoming 3rd India-Arab Economic Conclave to be hosted in Abu Dhabi on May 21-22 and the proposed ‘Road Show' on investment in Abu Dhabi and Dubai that Indian officials intend to undertake in June to exchange information and clarify issues related to the investment climate in India. Also discussed were ways to increase cooperation to fight the "scourge" of piracy.

"Resolving piracy cannot come until we resolve Somalia," Shaikh Abdullah said.

He said building Somalia's capacity in every form is the way the issue of piracy can be tackled.

Oil imports

Underlining the country's need to increase its oil imports, Krishna, said, "The need to increase import of oil and other energy sources is of extreme critical importance and in the UAE we have a dependable supplier which India needs so badly."

Noting that the UAE's leadership is now keen to address the issue of investments to bring it on par with the multi-faceted relations the two countries enjoy in all other sectors, Krishna said the high-level joint task force will explore further opportunities in investments.

Besides oil, UAE is also looking at investment opportunities in sectors like petrochemicals. Adia is looking at investment opportunities in India.