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Adnoc Gas will supply India’s state-owned natural gas company Gail with 500k tonnes of liquefied natural gas (LNG) per year under a 10-year agreement, according to an ADX disclosure (pdf). Adnoc Gas will kick start deliveries in 2026, Gail said in its statement. Neither company disclosed the value of the contract.
Background: Adnoc and Gail inked an MoU in 2022 to explore joint investments and potential LNG sale transactions between the two companies.
Adnoc inked LNG export agreements valued between USD 9.4-12 bn (AED 34.5-44 bn) in 2023, including a 14-year LNG supply agreement with the Indian Oil Corporation, a three-year agreement with TotalEnergies in May and a five-year agreement with Japan Petroleum Exploration in July.
ICYMI- Adnoc Gas exported nearly 5 mn tonnes of LNG in 2023, according to the Organization of Arab Petroleum Exporting Countries’ annual report. Most of the LNG went to buyers in Asia, including India, South Korea, Japan, and China.
REMEMBER- The government is planning to invest up to USD 50 bn in India, its second-largest trading partner, on the basis of provisional investment pledges, expected to be inked this year.
