Minister of State (Independent Charge) for Petroleum and Natural Gas Dharmendra Pradhan offered investors in the United Arab Emirates investment opportunities worth between $1.5-1.8 billion in projects of state-owned firms, according to a statement issued by his office. Pradhan who is visiting Dubai, addressed businesses leaders in the emirate and said opportunities include a 44 per cent stake in ONGC Petro Additions Ltd for $700 million, a 24 per cent stake in Bharat Oman Refinery in Madhya Pradesh for $200 million and investment opportunity between $530 million to $850 million in a petrochemical project of HPCL and GAIL (India) Ltd in Andhra Pradesh. The Minister informed investors that the government has announced the Hydrocarbon Exploration Licensing Policy to attract investments in the exploration and production of hydrocarbons in India. According to an official statement, Pradhan elaborated on the fiscal incentives as part of the policy. The Minister called for greater economic and strategic cooperation. The statement said Pradhan informed investors that India-UAE trade currently stands at $60 billion making it India's third-largest trading partner since 2014-15. Pradhan said India needs to transform its buyer-seller relationship with UAE in the energy sector into a genuine energy partnership.