UAE officials this week held talks with the Indian minister of finance over plans to establish a joint petroleum reserve in India, it was reported.
During the two-day UAE India Economic Forum, Minister of Finance for India, Arun Jaitley, met with Sheikh Hamed bin Zayed Al Nahyan, chief of Abu Dhabi Crown Prince’s Court and chairman of the Higher Corporation for Specialised Economic Zones (ZonesCorp) and managing director of Abu Dhabi Investment Authority (Adia), and senior representatives from other UAE institutions.
The meetings were intended to discuss opportunities for collaboration between the two countries.
One area of discussion was on how the UAE could participate in establishing a strategic petroleum reserve in India, according to Emirates247.
It is understood that the intention was that UAE investment institutions could make some funding available for that and other infrastructure projects in India, either directly or through government or private funds.
No further details were reported.
Sheikh Hamed was quoted as saying: “[Tuesday’s] meeting is a further example of the concerted and wide-ranging efforts undertaken by the UAE and India in recent years to promote and enhance bilateral trade between our countries.
“We look forward to continuing this constructive dialogue and further deepening our ties in ways that are of mutual benefit.”
Jaitley is understood to have invited Sheikh Hamed to India to discuss the finer details of any partnership in future.
