Adnoc Gas, a world-class integrated gas processing company, has announced a 14-year supply agreement with Indian Oil Corporation Limited (IOCL) for the export of up to 1.2 million metric tonnes per annum of liquefied natural gas (LNG) to India’s largest integrated and diversified energy company.
The agreement, valued in the range of $7 billion to $9 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 deal, CEO Ahmed Alebri 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,”he stated.
Under the terms of the agreement, Adnoc Gas said it will deliver up-to 1.2 mmtpa of LNG to IOCL in India.
The deal serves as a testament to its ability to meet the growing global demand for LNG, a critical fuel in the energy transition, it added.