Abu Dhabi National Oil Company (ADNOC) is seeking to invest in more downstream assets, mainly in refining and petrochemicals, in strategic locations like India to find a stable outlet for its oil, said its CEO Sultan Ahmed Al Jaber. He added that India is not only an important market for ADNOC but is a very strategic partner for the UAE, spanning all sectors of which energy. ADNOC, along with Saudi Aramco, is participating in a planned 1.2mn bpd coastal refinery in western Maharashtra state. ADNOC is also keen to lease more strategic storage in India, Al Jaber said. ADNOC last year signed a preliminary agreement to use half of the Padur strategic reserve facility in southern India. The site can store about 2.5mn tonnes or 18mn barrels of crude. India, which relies on oil imports for about 80% of its needs, has built underground emergency storage in three places to protect itself from any disruption.