ADNOC Gas inks $7-9 billion LNG supply deal with Indian Oil Corporation
UAE’s ADNOC Gas, an integrated gas processing company, has signed a 14-year supply agreement with the Indian Oil Corporation (IOCL) for the export of up to 1.2 million metric tons per annum (mmtpa) of liquefied natural gas (LNG).
According to ADNOC Gas, the agreement, valued in the range of $7 billion to $9 billion over its 14-year term, signifies a major step forward in the partnership between the two parties.
Furthermore, the UAE company said the deal marks a milestone for them as it expands the company’s global reach.
Commenting on the agreement, Ahmed Alebri, CEO of ADNOC Gas, stated: “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.”
This year, ADNOC Gas also signed a three-year supply agreement with TotalEnergies Gas and Power Limited, a subsidiary of French energy giant TotalEnergies, for the export of LNG. The agreement is valued at about $1.2 billion under current market conditions.
To remind, Abu Dhabi National Oil Company (ADNOC), a provider of lower-carbon intensity energy, established ADNOC Gas at the beginning of this year.
At the time, ADNOC said the combined scale and capabilities of ADNOC Gas will maximize value and create new opportunities for ADNOC, its partners and the UAE as it will serve a wider range of domestic and international customers with an expanding portfolio of gas products.
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