UAE is already renowned for its oil production and its gas resources sustainability. Most of its revenue is generated from natural gas and makes it the second largest economy country in the Arab world. UAE is growing their economy with the upliftment of high GDP and per capita income.
The Abu Dhabi National Oil Company is a publicly owned oil company of UAE.
ADNOC explores stores refines, allocates and develops petrochemical products. The primary purpose of ADNOC is to advance technologies and campaigns to accelerate the supply to the energy market.
ADNOC recently promulgated that they have signed another significant long-term sales agreement with the Indian Oil Corporation for its base oil.
ADNOC announced that it has an essential long-term sales agreement with the Indian Oil Corporation on its excellent quality base oil. It is the largest seller of furnished lubricants in the Indian Market with approximately a volume of four lakh fifty thousand tonnes per annum.
ADNOC's Marketing, Supply and Trading directorate said that signing of the essential sales agreement with a significant base oil consumer in a large and escalating market is the testament to the reliability of ADNOC's Group three base oil. They look forward to work with the Indian Oil and to increase the supply of AD base, which continues to see strong demand for superior quality base oil in Indian Market.
Indian Oil is one of the most reputed companies ranking one thirty-seven on the fortune five hundred lists. In Indian Market, it is the largest seller of finished lubricants is two million tonnes and is expanding at the rate of 2.4 per cent yearly.
Subimal Mondal’s View
The Executive Director of Indian Oil, Subimal Mondal’s words were "Indian Oil is a long-standing partner of ADNOC, and we look forward to building on and strengthening the links between our two companies. The high quality of ADNOC's AD base product, combined with strong logistics support and the proximity of the UAE to India, was key in our decision to sign this agreement."
This agreement is about signing with Xiamen Sinolook Oil Company to supply Adbase in China, 2017 and 2018 exclusive contracts with Penthol C.V and Chemlube for the supply of AD base in the United States and Europe. ADNOC Refining and Subsidiary Mass produce up to Five hundred thousand metric tonnes per year of Group three based oil and around One hundred thousand metric tonnes per year of group two base oil because of its refinery. Abu Dhabi's light, Murban has high paraffinic crude which is used as a feedstock for ADNOC's Base Oil plant which assures a high-quality product.
Adbase has a high-quality Viscosity Index which makes it a perfect lubricant component, assuring efficiency and fuel economy for elevated performance engines.
ADNOC has completed API SN approval, GM Dexos 1, ILSAC GF-5, and 0w-20 for full synthetic motor oils and is efficiently working with other companies to achieve Original Manufacturers, OEM and European Automobile Association, ACEA and formulation approvals.
Advantages of Setting up Business in UAE
1)UAE is growing swiftly with a diverse market which has a high global demand for imports, exports and vast opportunities for suppliers.
2)The country bears an advantageous geographic location in a resource-rich region.
The UAE has convenient access and global connectivity with over ninety airlines and one hundred and seventy lines.
3)UAE commerce is based on free trade barriers where no quotas or exchange control is there.
4)The country imposes no tax on personal, corporate or capital income and permits hundred per cent of repatriation of capital and profits.
5) The charges of real estate and freight are competitive.
6) The exchange of money has no currency restrictions.
7) The supply of energy is low priced and abundant. 8) The transportation system in the UAE is developed well.
9) The populace is educated and skilled, so the place is complimentary from the standpoint of hiring workforce, and there are not even any restrictions of hiring foreign nationals.
10) There is a top-notch accommodation for office purposes, residential with cutting edge venues for exhibitions and conferences.
If you want to set up your business in UAE, these are the benefits you would be receiving.
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