Which of the following statements best describe the objective of the recently signed oil reserve deal between India and UAE?a)This deal will allow the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore.b)This deal will allow only UAE to fill the underground crude oil storage facility at Mangalore.c)Both (a) and (b)d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?

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Which of the following statements best describe the objective of the recently signed oil reserve deal between India and UAE?

a)
This deal will allow the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore.
b)
This deal will allow only UAE to fill the underground crude oil storage facility at Mangalore.
c)
Both (a) and (b)
d)
None of the above

Correct answer is option 'A'. Can you explain this answer?

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Which of the following statements best describe the objective of the r...

India's quest for energy security got a major push after a pact with the United Arab Emirates (UAE) that will flow in as much as one sixth of the India's total emergency oil reserve.
Some features of this deal are as follows:

1) India signed a deal with the United Arab Emirates that allows the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore, Karnataka.
2) The deal is part of New Delhi's strategic petroleum reserve system, an emergency underground storage of 36.87 million barrels of crude oil which can supply about 10 days of the country's average daily oil demand.
3) UAE's Abu Dhabi National Oil Co (ADNOC) will store about 6 million barrels of oil at Mangalore, taking up about half of the site's capacity.
4) This is the second agreement signed between Indian Strategic Petroleum Reserves Limited and ADNOC in the area of storage and management oil at strategic facilities in India.
5) Three years ago, India began talks to lease part of its strategic storage to ADNOC. Under those discussions in 2014, India was to have first rights to the stored crude oil in case of an emergency.

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Which of the following statements best describe the objective of the recently signed oil reserve deal between India and UAE?a)This deal will allow the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore.b)This deal will allow only UAE to fill the underground crude oil storage facility at Mangalore.c)Both (a) and (b)d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?

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