UAE’s ADNOC Gas has announced a 14-year supply agreement with Indian Oil Corporation Ltd (IOCL) for the export of up to 1.2 million metric tons per annum (mmtpa) of liquefied natural gas (LNG) to India’s largest integrated and diversified energy company, Emirates News Agency (WAM) reported.
The agreement, valued in the range of $7 billion to $9 billion (AED25.7 to AED33 billion) over its 14-year term, signifies a major step forward in the partnership between the two industry leaders, WAM said Tuesday.
The landmark deal marks another significant milestone for ADNOC Gas as it expands its global reach, reinforcing its position as a global LNG export partner of choice, and reaffirming IOCL as its key strategic partner in the LNG market, it said.
“We are pleased to announce this long-term LNG sale, further strengthening the long-standing partnership with IOCL. We look forward to expanding our collaboration and take pride in the knowledge that ADNOC Gas’ LNG exports will further support the development of IOCL and contribute to India’s growth story,” WAM quoted Chief Executive Officer of ADNOC Gas Ahmed Alebri as saying.
Under the terms of the agreement, ADNOC Gas will deliver up-to 1.2 mmtpa of LNG to IOCL in India. The deal serves as a testament to ADNOC Gas’ ability to meet the growing global demand for LNG, a critical fuel in the energy transition, the news agency added.
