Abu Dhabi – Mubasher: ADNOC Gas unveiled a 14-year supply agreement to export up to 1.20 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG) to India’s largest energy firm.
The ADX-listed company inked the deal with Indian Oil Corporation Ltd (IOCL) at an estimated value between $7 billion and $9 billion, according to a press release.
The partnership aligns with ADNOC Gas’ objectives to widen its global reach and affirm IOCL as its key strategic partner in the LNG market.
Ahmed Alebri, CEO of ADNOC Gas, said: “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.”
Earlier this month, the UAE-based company inked contracts worth $1.34 billion to enlarge its natural gas pipeline network.
The net income of ADNOC Gas reached $1.30 billion during the first quarter (Q1) of 2023, while the revenues amounted to $5.20 billion.
