Abu Dhabi National Oil Company (ADNOC) and GAIL, India’s leading natural gas company, have signed a Memorandum of Understanding (MoU), to explore collaboration opportunities in liquefied natural gas (LNG) supply and decarbonization, including short and long-term LNG sales agreements.
The agreement also includes the potential optimization of LNG trading activities, the review of joint equity investments in renewables and the monitoring of greenhouse gasses for LNG cargoes, to support low-carbon LNG supplies.
The agreement was exchanged in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change and Managing Director and Group CEO of ADNOC, and Shri Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs.
The agreement was signed by Mr. Sandeep Kumar Gupta, Chairman and Managing Director, of GAIL (India) Ltd and Ms. Fatema Al Nuaimi, CEO of ADNOC LNG, at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
“India is a strategic partner of the UAE, and we have a strong and long-standing bilateral relationship. Through this important new agreement, ADNOC and GAIL will seek opportunities to broaden our commercial partnership, with a particular focus on lower carbon energy supplies, in this case, LNG, and joint opportunities for collaboration in new projects, decarbonization efforts and renewable energy.”
Mr. Puri said that “India and the UAE enjoy strong bonds of friendship since historical times and this relationship is being further cemented through such partnerships. This MoU opens up opportunities for both GAIL and ADNOC in the energy sector which in turn helps to boost the trade and commerce relations between the two nations.”
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