July 19, 2023
2 mins read

Adnoc Gas, Indian Oil ink Dh33B LNG deal

The agreement signifies a major step forward in the partnership between the two industry leaders….reports Asian Lite News

ADNOC Gas plc (ADNOC Gas), a world-class integrated gas processing company, announced a 14-year supply agreement with Indian Oil Corporation Ltd (IOCL) for the export of up to 1.2 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG) to India’s largest integrated and diversified energy company.

The agreement, valued in the range of US$7 billion to US$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.

The landmark deal marks another significant milestone for ADNOC Gas as it expands its global reach, reinforcing its position as a global LNG export partner of choice, and reaffirming IOCL as its key strategic partner in the LNG market.

Commenting on the agreement, Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said, “We are pleased to announce this long-term LNG sale, further strengthening 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.”

Under the terms of the agreement, ADNOC Gas will deliver up-to 1.2 mmtpa of LNG to IOCL in India. 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.

Earlier this month, ADNOC Gas plc announced the award of $1.34 billion in contracts to Petrofac Emirates LLC and the Consortium between National Petroleum Construction Co. PJSC and C.A.T International Ltd. for the expansion of its natural gas pipeline network.

Under the sales gas pipeline network enhancement (ESTIDAMA) programme, the new pipeline will extend ADNOC Gas’ existing pipeline network from approximately 3,200 kilometres (km) to over 3,500km, enabling the transportation of higher volumes of natural gas to customers in the Northern emirates of the UAE.

This strategic pipeline extension will drive further growth for ADNOC Gas as it continues to supply sustainable gas supplies in the UAE to support the company’s strategy to increase its market share and enhance its customer base.

ALSO READ: UAE, Japan cement ‘historic’ ties

Previous Story

G20 expert group calls for plan to garner extra $20 bn

Next Story

G20 Energy Transitions Working Group meeting in Goa  

Latest from -Top News

UN urges restraint in Pak-Afghan clashes

Bennett’s statement came after Taliban spokesperson Zabihullah Mujahid said that 12 Afghan civilians were killed and over 100 others injured in recent attacks…reports Asian Lite News UN Special Rapporteur on human rights

Pakistan-Afghanistan border Attack kills 12

Mujahid said that multiple Pakistani soldiers were killed in retaliatory action by Afghan forces…reports Asian Lite News At least 12 people were killed and more than 100 injured in a Pakistani military

India, UK military conduct joint exercise

The exercise also reaffirmed the shared commitment of India and the United Kingdom towards maintaining regional peace, security, and stability. The Indian Air Force (IAF) conducted a joint exercise with the United

16 dead in Dhaka factory fire

The death toll in the blaze is likely to rise, warned another fire official, who did not want to be named….reports Asian Lite News At least 16 people have died after a

India wins unopposed seat on UNHRC

India last served on the HRC in 2024, completing a second consecutive term….reports Asian Lite News India has been elected unopposed to the UN Human Rights Council (HRC) for the seventh time,
Go toTop

Don't Miss

Patnaik’s ‘double conch’ challenge to BJP’s narrative

The unique symbol was introduced to counter the BJP’s rhetoric

Bristol celebrates India’s Republic Day

The Indian National Anthem was sung. Lord Mayor addressed the