No one can assure stability of oil prices: UAE Energy Minister

Last Updated: Sun, May 13, 2018 21:23 hrs

Abu Dhabi: The Energy Minister for the United Arab Emirates (UAE), Suhail Al Mazroui on Sunday said that nobody could assure the stability of global crude oil prices.

Speaking to ANI, Suhail said at the Downstream Investment Forum here, "No one can assure the stability of oil prices. We are not concerned about the price. What we are concerned about is ensuring investments for the future that there is enough oil supply to satisfy the demand. Once that's there, the price will be certain and adequate for consumers and producers. We need to look at it at a larger or a longer time frame not just a month of the spike, but for the whole year."

Congratulating India and Abu Dhabi National Oil Company (ADNOC) for flagging off the first consignment of two million barrels of ADNOC crude to Mangalore, he added, "I am very proud of the Indian companies looking here to invest in the UAE. This is the result of excellent work done by Prime Minister (Narendra) Modi. His visit to the region, his alignment with our leadership have enabled such investments. India is our strategic partner."

The Emirati Minister hoped that there would be an increase in investments by Indian companies in the UAE and vice-versa.

Union Minister for Petroleum and Natural Gas Dharmendra Pradhan is on a three-day visit to the UAE, to follow up on the February 2018 UAE visit of Prime Minister Narendra Modi.

During the visit of the Prime Minister, Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an agreement with the ADNOC of UAE under which the latter will store about 5.86 million barrels of crude oil in India's Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.

Pradhan also held a bilateral meeting with Dr. Sultan Al Jaber, UAE Minister of State and ADNOC CEO. Pradhan was accompanied by Indian Ambassador to UAE, Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum.

Both sides discussed on the ongoing cooperation in the hydrocarbon sector and explored ways to further enhance the engagement. They had detailed discussions on the Indian downstream sector and explored the various opportunities for participation of UAE companies in the mega petroleum sector infrastructure projects in India.

Pradhan also invited UAE companies to participate as preferred partners in the entire hydrocarbon value chain of India.

While addressing a gathering at the Indian embassy, Pradhan stressed that under Prime Minister Narendra Modi's leadership, the endeavour has been to provide affordable, sustainable and clean cooking fuel, energy and electricity to all, and has also made India an attractive investment spot, especially in the energy sector.

Pradhan added that about 300 US billion dollars will be invested in the energy sector in the next 10 years. He underlined that India had become the third largest energy consumer in the world.

"After US (United States) and China, India consumes maximum primary energy. But, India figures on the list of least per capita energy consuming countries. What does it mean? According to energy analysts, out of Rs. 100 worth energy sale in 2040, Rs. 33 will be sold in India," Pradhan said.

He added that energy is one of the three to four components of any developing country.

"There are four pillars of energy: It should be affordable, accessible, green, and sustainable. Once there were concerns in India regarding energy, but now it is becoming a happening energy spot in the world," Pradhan said.

He further highlighted the attractive investment opportunities in the Petroleum and Natural Gas and Skill Development sectors in India and various government schemes of the Centre, and also extended an invitation to the business community in the UAE for greater collaborations and increased investments in India.

The Union minister said during the PM Modi government's regime, their endeavour has been to provide affordable, sustainable and clean cooking fuel, energy and electricity to all and that have also made India an attractive investment spot, especially in the energy sector, adding India had made tremendous strides in providing energy justice to all.

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