PM Modi, who is in Abu Dhabi on his second visit to the UAE, held wide-ranging talks with Crown Prince Mohammed. Mr. Modi had first visited the UAE as Prime Minister in August 2015.
The agreements include a historic pact awarding a consortium of Indian oil companies a 10% stake in one of Abu Dhabi’s offshore oil fields.
After their talks, the two sides signed five agreements related to energy sector, railways, manpower and financial services.
- An MoU between the Indian Consortium (OVL, BPRL & IOCL) and the Abu Dhabi National Oil Company (ADNOC) was signed for the acquisition of a 10% participating interest in the Abu Dhabi’s offshore Lower Zakum Concession. The concession will be for 40 years from 2018 to 2057, with 60% of the participating interest will be retained by ADNOC and remaining 30% will be awarded to other international oil companies.
- To cooperate in the field of manpower, India and the UAE signed an MoU that aims to institutionalise the collaborative administration of contractual employment of Indian workers in the Gulf country.
- Under the MoU, both the sides will work to integrate their labour related e-platforms for ending the existing malpractices, combat trafficking and organise collaborative programs for education and awareness of contractual workers.
- An MoU for technical cooperation in railways was also signed between the two sides. The MoU aims at cooperation in infrastructure sector especially railways.
- To deepen bilateral cooperation in the field of finance, an MoU between Bombay Stock Exchange and Abu Dhabi Securities Exchange was also signed. It aims at enhancing cooperation between both the countries in financial services industry.
- An MoU between the Government of Jammu and Kashmir and DP World was also signed to establish multi-modal logistics park and hub in Jammu comprising warehouses and specialised storage solutions.