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India wins piece of Abu Dhabi Oil

BloombergDUBAI (Bloomberg) — India secured a share in Abu Dhabi’s oil production for the first time after agreeing to pay $600 million for a tenth of one of the emirate’s biggest offshore deposits.

State-owned Oil and Natural Gas Corp. and other Indian companies agreed to a 40-year contract for rights to pump crude from the Lower Zakum field in partnership with Abu Dhabi National Oil Co., according to an Adnoc statement. Adnoc signed the deal during a visit of Indian Prime Minister Narendra Modi to the capital of the United Arab Emirates on Saturday.

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