India’s oil minister has said he hopes the shipment of crude oil for the country’s strategic reserve facility from the Abu Dhabi National Oil Company (Adnoc) will begin from May.

MEED had recently reported that India and Adnoc have decided to implement their agreement for setting up the strategic oil reserve complex in the southern Indian city of Mangalore that can store up to 0.75 million tonnes of crude.

Adnoc has indicated its oil consignments are booked for the next two months, Dharmendra Pradhan has told the media in New Delhi, adding that the first consignment should arrive by May.

Pradhan was formally announcing the purchase of a 10 per cent stake in Adnoc Offshore’s oil concession by a consortium led by India’s Oil and Natural Gas Corporation (ONGC).

Pradhan said India would get 1.75 million tonnes of crude oil annually from the Lower Zakum field in offshore Abu Dhabi.