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UAE's ADNOC Gas Signs 10-yr LNG Supply Agreement with India's GAIL

ADNOC Gas said it signed multiple international LNG agreements in 2023. WAM
ADNOC Gas said it signed multiple international LNG agreements in 2023. WAM
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UAE's ADNOC Gas Signs 10-yr LNG Supply Agreement with India's GAIL

ADNOC Gas said it signed multiple international LNG agreements in 2023. WAM
ADNOC Gas said it signed multiple international LNG agreements in 2023. WAM

ADNOC Gas on Tuesday signed a 10-year agreement to supply 0.5 million metric tons per year of liquefied natural gas (LNG) to India's largest Natural Gas Company, GAIL (India) Limited.

"India continues to be a key market for ADNOC Gas, and this latest supply agreement underscores our ongoing dedication to fostering long-term partnerships that promote responsible energy consumption," Ahmed Mohamed Alebri, ADNOC Gas chief executive said.

Gas consumption in India would rise to over 500 million standard cubic meters a day (mmscmd) by 2030 from the present 155 mmscmd, Indian oil minister Hardeep Singh Puri said earlier in January.

ADNOC Gas said it signed multiple international LNG agreements in 2023 worth $9.4 - $12 billion (34.5-44 billion dirhams) with companies including TotalEnergies, Indian Oil Corporation ,and PetroChina International .

ADNOC has said it plans to more than double its LNG production capacity to meet rising global demand through the Ruwais plant.

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Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.