On Saturday India's oil minister, on a visit to the UAE, told Reuters that there was a consensus between Saudi Aramco, ADNOC and Indian companies to form a joint venture for India's Ratnagiri oil refinery.
This kind of geopolitical (tension) affects both consuming and producing countries. The original agreement had lifted sanctions for Tehran limiting its nuclear program.
"Let's see how things are moving".
Pradhan further hailed India as the number three absolute energy consumer and said the country's per capita energy consumption would increase in the coming years.
"There was an oil minister earlier too".
"We are very happy to host our Indian guests here".
Analysts now expect Iran's supplies to fall by between 200,000 bpd and 1 million bpd, depending on how many other countries fall in line with Washington.
When sanctions were loosened against Tehran, India increased imports from Iran to nearly 900,000 bpd in late 2016, but intake has fallen back to around 500,000 bpd this year.
United States diplomat involved in hit-and-run case barred from leaving Pakistan
Two security officials said on Saturday that the plane at Nur Khan air base arriving to carry USA military attaché Col. Joseph Emanuel Hall out of Pakistan has returned after he failed to get clearance.
Abu Dhabi National Oil Company (ADNOC), the biggest oil company in the United Arab Emirates (UAE), will invest 165 billion dirham (44.95 billion USA dollars) into a downstream complex in Ruwais in Abu Dhabi, the company said in a statement on Sunday.
The Abu Dhabi National Oil Company (ADNOC) will invest AED 165 billion ($45 billion) over the next five years as it works to create the world's largest and most advanced refining and petrochemicals complex and become a leading player in the global downstream industry, the company announced on Sunday.
The plan is to expand the complex's refining capacity by more than 65 per cent, or 600,000bpd by 2025, through the addition of a third, new refinery, creating a total capacity of 1.5 million barrels per day (mbpd).
During the visit of the Prime Minister, Indian Strategic Petroleum Reserves Ltd (ISPRL) signed an agreement with the ADNOC of UAE under which the latter will store about 5.86 million barrels of crude oil in India's Strategic Petroleum Reserve (SPR) facility at Mangalore at its own cost.
The government producer is mulling over a joint investment in the $44 billion Indian Ratnagiri refinery - India is now the world's fastest growing oil market.
Currently, ADNOC's downstream portfolio of eight companies processes about 10.5 billion standard cubic feet (scf) of gas per day, and produce 40 million tonnes per year (mpta) of refined products as well as granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil and other petrochemical feedstock.
"The strategic reserve will provide a boost to India's energy security and help us deal with supply side disruptions".
Adnoc, which is inviting investment in these facilities from global industry players will "make available land, infrastructure, utilities and shared services at attractive rates" for partners, it said.