India, UAE-based companies to bid jointly for oil blocks in UAE: Dharmendra Pradhan

Minister of Petroleum and Natural Gas Dharmendra Pradhan has said India is in talks with some UAE-based companies to bid jointly for oil blocks in UAE.

The Minister said this after signing a Memorandum of Understanding between Saudi oil companies, Aramco and ADNOC in New Delhi on Monday.

Mr Pradhan said India would consider leasing a part of its



third strategic reserve in South Indian city Padur, if Abu Dhabi National Oil Company is interested.

ADNOC has leased a part of India’s strategic reserve at Mangalore.

India is the world’s third biggest oil importer and consumer. It imports about 80 percent of its oil needs, mostly from the Middle East.