Modi Agrees With UAE to Build Strategic Crude, Gas Stockpiles

India will partner with the United Arab Emirates to expand its strategic crude and gas reserves, a key step for the world’s third-largest oil consumer to guard against future supply disruptions.

Abu Dhabi National Oil Co. will explore a multifold increase in its crude oil storage in India to 30 million barrels, according to a statement by the Indian government. The nations will also work together to set up strategic gas reserves in India, and potentially oil storage in the UAE port of Fujairah that lies outside the Strait of Hormuz. No timelines were disclosed for the projects.