ADNOC Gas, a world-class integrated gas processing company, has signed a 14-year supply agreement with India’s largest integrated and diversified energy company, Indian Oil Corporation Ltd (IOCL), for the export of liquefied natural gas (LNG).
Under the terms of the agreement, ADNOC Gas will deliver up to 1.2 million metric tons per annum (mmtpa) of liquefied natural gas to Indian Oil Corporation for 14 years starting in 2026.
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.
Further, 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.
According to the statement, “The agreement would diversify the supply source of LNG for Indian Oil and would help in meeting the growing demand for the cleaner and more sustainable fuel source.”
Commenting on the agreement, Mr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said that, “We are pleased to announce this long-term LNG sale, further strengthening the long-standing partnership with Indian Oil Corporation.”
“We look forward to expanding our collaboration and take pride in the knowledge that ADNOC Gas’ LNG exports will further support the development of Indian Oil Corporation and contribute to India’s growth story,” Mr. Alebri added.
Recently, ADNOC Gas announced the award of $1.34 billion in contracts to Petrofac Emirates and the Consortium between National Petroleum Construction and C.A.T International for the expansion of its natural gas pipeline network.
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