The Indian Oil Corporation Ltd (IOCL) and Adnoc Gas, an integrated gas processing business located in Abu Dhabi, have inked a major Dh25.7-Dh33 billion ($7-9 billion) agreement for the delivery of liquefied natural gas (LNG) over a 14-year period. According to the agreement, the largest integrated energy company in India will receive LNG exports from the UAE company up to 1.2 million metric tonnes per annum (mmtpa).
This enormous agreement follows a $1–1.2 billion agreement Adnoc Gas made to deliver LNG for three years to TotalEnergies Gas and Power Limited, a subsidiary of the French multi-energy conglomerate. Earlier this month, an Abu Dhabi-listed company granted Petrofac Emirates and the National Petroleum Construction and C.A.T International consortium a nearly Dh5 billion contract for a new natural gas pipeline to the Northern Emirates.
This is the first time an Indian company has partnered with Adnoc on a long-term LNG import agreement.
“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,” said Ahmed Alebri, CEO, Adnoc Gas.
Adnoc Gas serves end clients in more than 20 countries and meets over 60% of the UAE's gas sales demands.