Skip to content Skip to Search
Skip navigation

India and UAE close first crude deal in local currencies

Adnoc L&S logistics fleet 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.

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.

Latest articles

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]