In the April–July quarter of the current fiscal year, imports accounted for as much as 49% of India’s domestic gas consumption. However, even though gas only provides 6.2% of India’s energy needs, the Center intends to increase this percentage significantly in order to lessen the country’s reliance on petroleum.
Additionally, ADNOC and the India Strategic Petroleum Reserve Limited (ISPRL) inked a Memorandum of Understanding (MoU) to explore further prospects for storing oil in India and to extend their storage and management arrangement. Officials from ISPRL had previously stated that the company is getting ready to lease out one of its 0.75 million tons capacity storage caverns in Mangalore. Since 2018, ADNOC has leased space to store crude in one of the caves.
In the area of nuclear energy, Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Limited (NPCIL) have inked a Memorandum of Understanding for the management and upkeep of the Barakah Nuclear Power Plant. The project, which started producing electricity in March, is the first in the Arabian Peninsula, the second in the Persian Gulf, and the first nuclear power plant in the Arab world for commercial use.