Pradhan, who is on a three-day visit to the UAE which commenced on May 12, is visiting the Arab country to follow up on the February 2018 UAE visit of Prime Minister Narendra Modi.
The plans were unveiled at the Adnoc Downstream Investment Forum, which took place today (May 13) in Abu Dhabi, UAE.
"So we are inviting world energies, stakeholders to come to India and invest in India, do business in all the aspect from upstream to downstream".
Currently, ADNOC's downstream portfolio of eight companies processes about 10.5 billion standard cubic feet (scf) of gas per day, and produce 40 million tonnes per year (mpta) of refined products as well as granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil and other petrochemical feedstock.
ADNOC will again welcome long-term partners who bring operational expertise, technology, financial acumen and the ability to develop and open new markets.
"Our energy appetite is very high".
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This comes in the backdrop of the meeting held between Union Petroleum and Natural Gas Minister Dharmendra Pradhan and the UAE Minister for Human Resources and Emiratization at Grand Hyatt at Dubai. Our per capita energy consumption is very modest which will increase in the coming years.
Minister of State and Adnoc Group CEO Dr Sultan Ahmed Al Jaber said: "Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning Adnoc to become a leading global downstream player". We have a growth rate of around 7 percent plus.
Indian energy demand is forecast, by the International Energy Agency (IEA), to grow by more than any other country in the period to 2040, propelled by an economy that will grow to more than five-times its current size and by population growth that will make it the world's most populous country.
Adnoc will meet its target of boosting oil-production capacity to 3.5 million barrels a day by the end of the year, Al Jaber said in an interview with Bloomberg earlier this month. Minister Pradhan was accompanied by Ambassador Navdeep Suri, senior officials and CEOs for Indian Oil, Bharat Petroleum and Hindustan Petroleum.
The historic shipment is the first under an agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Strategic Petroleum Reserves Ltd (ISPRL), an Indian government-owned company mandated to store crude oil for strategic needs, to locate 5.86 million barrels of ADNOC crude oil at the Karnataka facility in the Indian city of Mangalore.