UAE / India: Abu Dhabi National Oil Company’s subsidiary, ADNOC Gas, has finalised a major long-term liquefied natural gas (LNG) agreement with India’s Hindustan Petroleum Corporation Limited (HPCL). The 10-year sales and purchase agreement (SPA), valued between $2.5 B and $3 B, was signed during President Sheikh Mohamed bin Zayed Al Nahyan’s visit to India, where he met Prime Minister Narendra Modi.
Dr Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC Group CEO, and Vikas Kaushal, HPCL’s Chairman and Managing Director, exchanged the signed contract, highlighting the growing energy partnership between the two nations.
The SPA converts a previously signed heads of agreement into a binding contract for the export of 0.5 million tonnes per annum of LNG. This agreement strengthens ADNOC Gas’ role as a key LNG supplier to Asia’s rapidly expanding markets and reinforces strategic energy ties between the UAE and India.
Fatema Al Nuaimi, CEO of ADNOC Gas, said: “This long-term supply agreement with Hindustan Petroleum reflects the strong partnership between the UAE and India. It demonstrates our commitment to delivering reliable LNG to meet global demand and supports India’s goal of increasing natural gas to 15% of its energy mix by 2030.”
The deal is expected to provide stable energy supply to India while solidifying ADNOC Gas’ presence in one of Asia’s fastest-growing LNG markets.
Source: Offshore Energy
