Tue 10-12-2019 12:26 PM
DUBAI, 10th December, 2019 (WAM) -- The Emirates National Oil Company Group, ENOC, today announced the signing of an evergreen aviation fuel supply agreement with Indian Oil Corporation, IOC, the largest commercial oil and gas company in India.
The strategic agreement builds on the strong partnership that ENOC and IOC have fostered over the last two years. With the evergreen contract, IOC will provide aviation fuel to ENOC’s customers flying to and from 34 Indian airports.
Commenting on the announcement, Saif Humaid Al Falasi, Group Chief Executive Officer of ENOC, said, "Our agreement with IOC marks another milestone in our global expansion plans. It also underlines the Group’s strong competencies, which is reflected in the success of our ongoing partnership with IOC in various industry sectors, including marine lubricants."
"With the UAE-India ties gaining momentum, underpinned by strong bilateral trade and partnerships in multiple sectors, the new agreement will further enable us to add value to our aviation customers that link the two nations," he added.
ENOC’s partnership with IOC also includes one of the largest collaborations in the global marine lubricant sector. The two entities are leading joint R&D efforts to develop cylinder oil that is compliant with the International Maritime Organisation’s regulation capping the global fuel sulphur limit at 0.5 percent, effective 1st January 2020, thereby contributing to technical, commercial, operational and environmental efficiencies in ocean transportation.
Carriers in India and the UAE fly a total of 134,441 aircraft seats a week each way, according to existing bilateral rights. The robust aviation ties between the two nations is further complemented by consistently growing trade ties with the non-oil trade between the two nations at US$35.9 billion in 2018. The UAE is the largest Arab investor country in India valued at around US$10 billion while the nation is home to over 3.3 million Indians.