Why in the discussion?
Abu Dhabi National Oil Company (ADNOC) signed a Memorandum of Understanding in Abu Dhabi with Indian Strategic Petroleum Reserves Limited (ISPRL) in order to facilitate underground oil storage of ISPRL located in Pudur, Karnataka, ADNOC’s crude oil storage The possibility of being able to find out The capacity of this underground oil reservoir is close to 2.5 million tonnes.
- On this occasion the UAE’s minister admitted that India is an important oil market and has said that this agreement is focused on strategic energy partnership between the UAE and India, which will benefit the expertise and oil resources of UAE and ADNOC.
- He hoped that this love affair agreement will be converted into a new mutually beneficial partnership, as well as creating those opportunities for ADNOC, which will lead to an increase in supply of high quality crude oil to India’s growing energy market. With this agreement, India will be able to fulfill its growing energy needs and follow the energy security policy.
- ISPRL has been constructed by 3 million in the country with underground reserves of 5.3 million tonnes – Visakhapatnam (1.33 million tonnes), Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes).
- By 9.5 days supply for the country’s oil needs can be met (according to the figures for the previous financial year).
- In June 2018, the Central Government announced the creation of two new reserves. First of all, with 4 million tonnes of storage facility in Odisha’s Silverkhole and second, Karnataka will be built with additional 2.5 million tonnes of storage facility.
- ADNOC, the only foreign oil and gas company to invest through crude oil in India’s strategic petroleum reserves program
- Currently present and newly announced strategic reserves will be able to provide 21 days of emergency coverage to meet the needs of India’s crude oil.
Third Quarter of the ‘Quad’ Countries
Why in the discussion?
Recently, the third meeting of the Joint Secretary level quad countries- India, America, Japan and Australia was concluded, ‘Quad’ is the informal strategic dialogue of these four countries. During the 13th East Asia Summit, the Quad Conference was also organized. This quad conference was mainly focused on infrastructure projects and marine safety schemes in the Indo-Pacific region.
The conference was to collaborate in areas such as connectivity, sustainable development, counter terrorism, non-proliferation and maritime and cyber security. Its aim is to promote peace, stability and prosperity in the inter-connected Indo-Pacific region, which these four countries share with each other and others, are rapidly expanding.
- In its statement, the US, Japan and Australia had emphasized ‘Rules-based order’ to promote regional security, although India was not in favor of it.
- All four countries have expressed their commitment to maintain this coalition even further.
- All sides acknowledged the importance of working side by side to support sustainability in the maritime area of the Indo-Pacific region.
- The four countries supported the expanding economic development by using the full potential of the area.At the same time, it has been said that faster work for the development of quality infrastructure, which is based on international standards like openness, transparency, economic efficiency and debt sustainability.
- India has always objected to quad militarization, it believes that the use of quad should be for civilian / civilian issues only.
- Vietnam’s representative has welcomed any such initiative that will bring peace and stability in the Indo-Pacific region but it opposes any kind of military alliance. This statement from Vietnam came three days before the upcoming Vietnam tour of India’s President Ramnath Kovind.
Other than quad
- India and Japan have also announced a series of joint projects in the Indo-Pacific region, which he named Asia-African Growth Corridor.
- India will work together on projects such as Jamuna Railway Bridge and North Bridge other eastern states, housing, in Rohingya areas of Myanmar in school and electrical projects, Sri Lanka LNG plant and Cancer Hospital in Kenya in Japan Bangladesh.
- While Australia also infrastructure of the $ 2 billion Australian Infrastructure Financing Facility for the Pacific (Australian Infrastructure for funding Financing Facility for the Pacific-AIFFP) has went declared. It will finance projects in Australia, neighboring countries like Fiji, Solomon Islands and Vanuatu.
- The Prime Minister of Australia also spoke of enhancing defense and marine security cooperation under Boe Pacific Security Declaration. Under this, a naval base will be built in Papua New Guinea.
- Australia wants India to show interest in its Forum for India Pacific Islands Co-operation (FIPIC) plan.
- The concept of ‘quad’ first came to India, Japan, the US and Australia to support large-scale relief and rehabilitation work during the maritime disaster.
- Later, Japan’s Prime Minister Shinzo Abe started the ‘quad’ in 2007 as a strategic dialogue in consultation with leaders of America, Australia and India, in view of geopolitical and geo-strategic worries due to China.
- This idea of quad gives birth to a mixed reaction in the ASEAN region, and China and Russia openly appear in its opposition.
- However, due to Australia’s exit from this group in 2008, the talks fell looser but later he was again involved in the negotiations.
- In 2017, this informal group was revived so that China’s aggressive rise in Asia could be balanced.
- The quad was revitalized keeping in view the “rule-based order” so that the freedom of navigation and over-flight, respect of international rule, expansion of connectivity and maritime security can be identified as the main element of cooperation. Issues like non-proliferation and terrorism were also included in this.
- The quad is also known as the Quadrilateral Security Dialogue (QSD). Along with this strategic dialogue, a joint military exercise, Malabar, is also going on since 2002. Malabar exercises include America, Japan and India. Australia does not participate in this exercise.
- The theory of the Indo-Pacific region is that this region becomes free and inclusive, where different countries respect international law.