India need not fear oil shortage: UAE envoy
New Delhi, July 18 : Even as the US-imposed sanctions on Iran has put India's energy security in jeopardy, UAE Ambassador to India Ahmed Albanna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted.
"In the international market, the law of demand and supply controls the prices," Albanna told IANS here in an exclusive interview when asked about rising fuel prices in India.
"Production is the important element there... to ensure that the production is enough for the world consumption of oil," he said.
He said that consumer countries have been faced with most of the problems because of challenges faced by some Organisation of Petroleum Exporting Countries (OPEC) countries as also non-OPEC countries.
However, at the same time, he said that India need not fear shortage of oil with the new US sanctions on Iran set to take effect in November this year. Iran is the second-largest supplier of crude oil to India, supplying more than 425,000 barrels of oil per day, and India is one of the biggest foreign investors in Iran's oil and gas industry.
"There was some disruption during the embargo against Iran years ago," Albanna said.
"Saudi Arabia was able to rectify the matter and supply India in the face of the shortage that took place because of the embargo," he said.
"The same thing will happen this time I guess in November, when the embargo takes place."
The Ambassador said that because India enjoys a "great relationship" with the United Arab Emirates (UAE), Saudi Arabia and Iraq, "the alternatives are there all the time".
Regarding energy giants Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco jointly investing in the development of the $44-billion Ratnagiri refinery and petrochemicals complex in Maharashtra, Albanna said that it is a "strategic project" with a trilateral arrangement.
"Due to the close and strategic relationship between the UAE and Saudi Arabia and between India and both UAE and Saudi Arabia, we have been able to reach such an agreement," he said. "It will be beneficial to all parties."
Earlier this year, the first consignment of two million barrels of crude oil from the UAE for India's strategic petroleum reserve in Karnataka's Mangaluru landed on the west coast. This consignment fills one of the two strategic reserve caverns at Mangaluru under an agreement between Adnoc and the Indian Strategic Petroleum Reserves Ltd (ISPRL).
Albanna also highlighted the close ties between India and the UAE which were elevated to that of a Comprehensive and Strategic Partnership during Prime Minister Narendra Modi's visit to the Gulf nation in August 2015, the first prime ministerial visit from India to that country in 34 years.
This was followed by the visit of Abu Dhabi Crown Prince and Deputy Commander of the UAE Armed Forces to India Sheikh Mohamed bin Zayed Al Nahyan in 2016 and then again in 2017 as the chief guest for India's Republic Day celebrations. Modi again visited the UAE last year where he delivered the keynote address at the World Government Summit in Dubai.
Stating that India is one of the first countries with which the UAE has signed a strategic agreement, he said there are collaborations at many different levels.
"Whether we talk about traditional sectors like oil and gas and the normal trade and also the new sectors such as cooperation in airspace, cooperation in IT, IT manufacturing, cooperation in security and security exchange, security information exchange, and also in solar energy," he said.
"If we look at the bilateral trade between the UAE and India, India is trading partner number one (for the UAE) with a total value of $57 billion," Albanna said.
"If we look at the Indian side, the UAE is the third-largest trading partner after China and the US."
Stating that all these show the importance of the India-UAE relationship, the Ambassador said that it "reflects the vision of our leadership to look at this bilateral trade and to make it further grow".
He also referred to UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan's week-long visit to India last month and said that there are many outcomes of the visit "which we are now at the stage of following up and look at the best way of implementation".
The UAE is home to a nearly three million-strong expatriate Indian population.
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CPI(M) inaugurates NH-66 stretch in Kerala ahead of PM dedicates it to nation
Kochi (PTI): The ruling CPI(M) in Kerala on Wednesday inaugurated one of the completed stretches of NH-66, hours ahead of its dedication to the nation by Prime Minister Narendra Modi, in protest against the exclusion of state PWD minister P A Mohammed Riyas from the PM's event.
Riyas, reportedly, will hold a roadshow on one of the completed stretches of the National Highway-66 that is scheduled to be inaugurated by the PM.
The Thalappady-Chengala stretch of NH 66 was inaugurated by CPI(M) MLA C H Kunhambu.
The roadshow by Riyas will be held on the Vengalam-Ramanattukara stretch of the Kozhikode bypass.
Both these stretches, which were upgraded to six lanes and already opened to the public, were set to be inaugurated by the PM at 12.30 pm here.
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According to government sources, Chief Minister Pinarayi Vijayan won't attend the event, though his name is included in the programme schedule. However, no particular reason was cited for his decision to skip the event.
State Ministers M B Rajesh and K Krishnankutty, who have been invited to the PM's event, also said they are not taking part because of personal reasons.
In response to the CM and other ministers' decision, state BJP president Rajeev Chandrasekhar told reporters that, as per protocol Vijayan, being the head of the state, was invited for Modi's official event, and if the Marxist veteran was aggrieved over his son-in-law (Minister Riyas) not being there, that is his problem.
"As head of the state, the CM was invited in accordance with the protocol. It is nowhere said that the CM's son-in-law (Riyas) and other family members also have to be invited. If they have a problem with it, so be it. That is what I have to say," the BJP leader said.
"It was for the CM to decide who should accompany him. Elections will be held in the state in around 30 days. The CPI(M) is trying to create a controversy now as they know that after 30 days, Vijayan will not be CM and Riyas will not be a minister," Chandrasekhar said.
He further said that the CM was aware of the PM's visit 5-6 days in advance, and he did not say anything about who all should be invited.
"Why did he not say anything? This is all an attempt to create controversy. If you (CM) wanted a certain minister to accompany you, it should have been communicated to the government of India in advance. Why did you not do that? From what I know, the CM did not say anything to the Centre," the BJP state president claimed.
