SAM & Co advised Urja Bharat Private Limited, a joint venture between IndianOil Corporation Limited and Bharat PetroResources Limited on execution of production concession agreements for Block 1 of the 2018 ADNOC exploration bid.
This is the first production concession awarded to an Indian company operating in the United Arab Emirates. The transaction was led by Prashant Sirohi, Partner with assistance from Charu Mehrish, Principal Associate and Rudra Shankar, Senior Associate.
India and the UAE have finalized key agreements to enhance long-term cooperation, including a 15-year liquefied natural gas (LNG) supply contract and a civil nuclear cooperation memorandum. Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan discussed expanding partnerships in emerging areas like AI and critical minerals.
Key highlights include:
- A 1 million metric tonnes per annum LNG supply agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL).
- An MoU between India’s Nuclear Power Corporation and Emirates Nuclear Energy Corporation to collaborate on nuclear power operations and investment.
- Increased UAE involvement in India’s strategic petroleum reserves through a renewed storage agreement.
- A production concession allowing Urja Bharat, a joint venture, to bring crude oil from Abu Dhabi to India.
The visit also included discussions on the India-UAE virtual trade corridor and plans for a food park in Gujarat. Sheikh Khaled met with Indian leaders, emphasizing the strong bilateral ties and the importance of recent trade agreements.
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