Energy India and UAE close first crude deal in local currencies By Pramod Kumar August 15, 2023, 5:35 AM Adnoc The transaction involved the sale of one million barrels of crude oil through the newly implemented local currency settlement system India and the UAE have concluded the first-ever crude oil transaction through local currencies between Abu Dhabi National Oil Company (Adnoc) and Indian Oil Corporation. The transaction involved the sale of one million barrels of crude oil through the newly implemented local currency settlement system, Asian News Agency reported, citing a statement from India’s embassy in the UAE. Both Indian rupees and UAE dirhams were used for the transaction. India’s Gail set to finalise Qatar LNG purchase deal Foxconn EV venture targets India and Thailand QIA buys $500m stake in Adani’s green energy firm The transaction follows the sale of 25 kilogramme of gold from a UAE gold exporter to a buyer in India at about INR128.4 million ($1.54 million). In July, India and the UAE signed an agreement to settle trade in local currencies to cut transaction costs by eliminating US dollar conversions. During the visit of Indian Prime Minister Narendra Modi to the UAE last month, the two countries agreed to set up a real-time payment link to facilitate easier cross-border money transfers. In February 2022, India became the first country with which the UAE signed a comprehensive economic partnership agreement (Cepa). Bilateral trade has increased by approximately 15 percent since the Cepa came into force on May 1, 2022. Trade between the two countries was $84.5 billion from April 2022 to March 2023. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
