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Adnoc Gas signs 14-year deal with Indian oil firm 

Adnoc Gas Adnoc
The additional voluntary cut intends to reinforce the precautionary efforts made by Opec+ to support the stability of oil markets.

Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a 14-year supply agreement with India’s state-owned energy firm Indian Oil Corporation Limited. 

The deal involves the export of up to 1.2 million metric tonnes per annu of liquefied natural gas valued at $7 billion to $9 billion, the company said in a statement.

The Abu Dhabi-listed company recently awarded contracts worth $1.34 billion to expand its natural gas pipeline network in the UAE’s northern emirates.

The new pipeline will extend the current pipeline network from 3,200 km to over 3,500 km, enabling the transportation of higher volumes of natural gas to customers in the northern part of the Gulf state.