Indians pay US$600m for stake in Abu Dhabi oil concession
Deal gives country security in long-term supply, while enabling Adnoc to tap rising demand of Asian consumers
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Abu Dhabi
INDIAN companies agreed to pay US$600 million for a stake in one of Abu Dhabi's biggest offshore oil concessions, securing a share in the emirate's crude production for the first time.
State-owned Oil and Natural Gas Corp and two other Indian companies will take a 10 per cent share of the concession to pump crude from the Lower Zakum field, under a 40-year contract in partnership with Abu Dhabi National Oil Co, according to an Adnoc statement. Adnoc signed the deal during a visit of Indian Prime Minister Narendra Modi to the capital of the United Arab Emirates on Saturday.
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