ADNOC Gas Signs $9 Billion LNG Deal with Indian Oil Corporation

19 July 2023

ADNOC Gas Signs $9 Billion LNG Deal with Indian Oil Corporation

ADNOC Gas has made a significant announcement, entering into 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). This landmark deal, valued between $7 billion to $9 billion (AED 25.7 billion to AED 33 billion) over its term, marks a major step forward in the partnership between the two industry leaders.

By expanding its global reach, ADNOC Gas reaffirms its position as a preferred global LNG export partner, with IOCL being recognized as a key strategic partner in the LNG market. This agreement signifies the energy giants’ ability to meet the growing global demand for LNG, a critical fuel in the ongoing energy transition.

Ahmed Alebri, CEO of ADNOC Gas, expressed his satisfaction with the long-term LNG sale, stating, “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’s gas business will deliver up to 1.2 mmtpa of LNG to IOCL in India, solidifying their commitment to providing a steady and reliable energy supply to meet India’s energy demands.

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19 July 2023

ADNOC Gas Signs $9 Billion LNG Deal with Indian Oil Corporation

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