ADNOC Gas, a unit of UAE’s ADNOC, has unveiled a 14-year agreement for supplying 1.2 million metric tons of Liquefied Natural Gas (LNG) annually to India.
The agreement, estimated to be valued between US$7 billion to US$9 billion, is with the Indian Oil Corporation Limited (IOCL), India’s biggest energy company.
ADNOC Gas described this deal as a significant step in their strategic partnership, further cementing their roles as leaders in the energy sector.
ADNOC Gas’s CEO, Ahmed al Abri, expressed his pleasure over the deal, emphasizing its role in strengthening their longstanding relationship with IOCL.
The announcement follows Indian Prime Minister Narendra Modi’s recent visit to Abu Dhabi, where discussions advanced on direct rupee-dirham trade to lessen dollar dependency.
This development comes against a backdrop of growing global gas demand and other significant LNG deals in the region, such as Qatar’s long-term agreements for LNG sales to China.
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