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UAE’s Adnoc Gas in long-term deal with India’s Gail

Adnoc Gas sustained strong sales momentum in 2023, signing new LNG supply agreements valued at between $9bn and $12bn Reuters
Adnoc Gas sustained strong sales momentum in 2023, signing new LNG supply agreements valued at between $9bn and $12bn

Adnoc Gas, a division of the state-owned Abu Dhabi National Oil Company (Adnoc), has signed a 10-year agreement to supply 0.5 million metric tons a year of liquified natural gas to Gail India Limited.

“India continues to be a key market for us,” Adnoc Gas CEO Ahmed Mohamed Alebri said in a statement published on the Abu Dhabi bourse on Tuesday.

Gail, itself state-backed, said in a statement to the Bombay Stock Exchange that the deliveries will begin from 2026 onwards across India.

Gail’s chairman and managing director, Sandeep Kumar Gupta, said the long-term LNG deal with Adnoc Gas will contribute to bridging the gap in India’s demand and supply of natural gas, added .

The pricing details were not given.

Adnoc Gas signed four LNG agreements last year valued at between $9.4 billion (AED34.5 billion) and $12 billion.

The agreements were signed with Japan Petroleum Exploration Company, TotalEnergies Gas and Power, Indian Oil Corporation and PetroChina International.

Adnoc is developing a new low-carbon LNG project in Al Ruwais Industrial City, Abu Dhabi, as part of its broader gas masterplan.

The Ruwais LNG project is expected to be the first LNG export facility in the Middle East and North Africa region to run on clean power, part of Adnoc’s ambition to reach net zero by 2045.

When completed, the project is expected to have a total capacity of 9.6 million metric tons a year.

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