ADNOC Gas has recently disclosed a 14-year supply contract with Indian Oil Corporation Ltd (IOCL) to export up to 1.2 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG) to India’s largest integrated and diversified energy firm.
The deal, estimated to be worth between $7B to $9B (AED 25.7B to AED 33B) during its 14-year duration, represents a significant advancement in the collaboration between these two prominent players in the industry.
This historic agreement represents a major milestone for ADNOC Gas as it broadens its global presence, reinforcing its standing as a preferred global LNG export partner, and reaffirming IOCL’s position as its key strategic ally in the LNG market.
Ahmed Alebri, CEO of ADNOC Gas stated that he is pleased to announce this long-term LNG sale, which will further strengthen 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.”
According to the agreement’s provisions, ADNOC’s gas division will supply up to 1.2 million metric tonnes per annum (mmtpa) of LNG to IOCL in India.
This deal stands as a testament to the proficiency of these energy behemoths in fulfilling the increasing worldwide requirement for LNG, a crucial fuel in the ongoing energy transition.
