By Ahmed al-Masri and Zeynep Tufekci
The United Arab Emirates (UAE) and India signed a “historic” oil agreement, local media reported Saturday.
The country’s official Emirates News Agency (WAM) reported that Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Narendra Modi, Prime Minister of India signed the “historic agreement,” which awarded “a consortium of Indian oil companies a 10 percent interest in Abu Dhabi’s offshore Lower Zakum concession”.
The agreement, which will go into effect on March 9, will have a 40-year term, the WAM reported.
The Indian consortium contributed a participation fee of around $599 to enter concession, according to the WAM.
The agency reported that it was the first time “Indian oil and gas companies have been given a stake in Abu Dhabi’s hydrocarbon resources”.