PM Modi’s UAE Visit Yields Key Agreements in Oil Storage
Prime Minister Narendra Modi UAE President Sheikh Mohamed bin Zayed Al Nahyan on Friday. (Image Modi on X)
By AMIT KUMAR
India, UAE Sign Major Energy, Defence and AI Deals During PM Modi’s Visit
New Delhi, May 15, 2026 — India and the United Arab Emirates signed a series of strategic agreements spanning energy security, defence cooperation, artificial intelligence, maritime infrastructure and investment during Prime Minister Narendra Modi’s visit to the UAE.
According to a media statement issued by the Prime Minister’s Office, the agreements aim to deepen the Comprehensive Strategic Partnership between the two countries and strengthen long-term cooperation in critical sectors.
One of the most significant outcomes was an MoU between Indian Strategic Petroleum Reserves Limited (ISPRL) and Abu Dhabi National Oil Company (ADNOC). The agreement envisages potential ADNOC crude oil storage in India’s strategic petroleum reserves of up to 30 million barrels, including participation in facilities at Visakhapatnam in Andhra Pradesh and the development of reserve facilities at Chandikol in Odisha.
The pact also includes the possibility of India storing crude oil in Fujairah in the UAE as part of India’s strategic petroleum reserve system. In addition, the two sides will explore collaboration in Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) storage facilities in India.
In another key energy-related development, Indian Oil Corporation Limited (IOCL) and ADNOC signed a strategic collaboration agreement to explore long-term LPG supply arrangements. The agreement aims to examine opportunities for the sale and purchase of LPG, including a potential long-term agreement between ADNOC Gas Limited and IOCL.
India and the UAE also unveiled a Framework for the Strategic Defence Partnership. The framework covers defence industrial collaboration, advanced technology, training, military exercises, maritime security, cyber defence, secure communications and interoperability between the armed forces of both countries.
In the maritime sector, Cochin Shipyard Limited (CSL) and Drydocks World signed an MoU for setting up a Ship Repair Cluster at Vadinar in Gujarat. The project will include offshore fabrication activities under the Maritime Development Fund Scheme launched by the Government of India.
A separate tripartite MoU among CSL, Drydocks World and the Centre of Excellence in Maritime & Shipbuilding (CEMS) focuses on skill development in ship repair and maritime services. The agreement seeks to train and mobilize a skilled workforce and position India as a global hub for shipbuilding and ship repair professionals.
The visit also witnessed a significant push in the field of artificial intelligence and high-performance computing. A term sheet was signed between India’s Centre for Development of Advanced Computing (CDAC) and UAE-based G-42 to establish an 8 Exaflop supercomputing cluster under the AI Mission India initiative.
The two countries additionally announced major investment plans. Abu Dhabi Investment Authority (ADIA) and India’s National Infrastructure & Investment Fund (NIIF) will explore investments of up to US$1 billion in India’s infrastructure sector.
Emirates NBD (ENBD) announced plans to invest US$3 billion in India’s RBL Bank, while International Holding Company committed an investment of US$1 billion in Sammaan Capital.
The agreements underscore the rapidly expanding India-UAE partnership, with both nations increasingly focusing on energy security, emerging technologies, strategic industries and cross-border investments.
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