In a groundbreaking development that marks a significant step towards enhancing bilateral economic ties, the Abu Dhabi National Oil Company (ADNOC) and the Indian Oil Corporation Limited (IOCL) completed the first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system. The transaction involved the sale of approximately 1 million barrels of crude oil, with both Indian Rupees (INR) and UAE Dirhams (AED) being used for settlement.
A statement from the Indian mission in the United Arab Emirates said, “LCS is likely to have a transformational impact not only on the bilateral economic relationship but in the larger economic engagements across the world.”