GAIL (India), the country’s natural gas company, has finalised a long-term LNG contract with ADNOC Gas.
The agreement, which follows a memorandum of understanding signed on 30 October 2022, will see GAIL purchase approximately 500,000tpa of LNG from ADNOC.
This is effective from 2026 for a period of ten years.
GAIL expects the agreement to play a crucial role in meeting India’s growing energy security needs while supporting its own growth objectives to supply its downstream customers.
GAIL chairman and managing director Sandeep Kumar Gupta said the long-term LNG deal with ADNOC will contribute to bridging the gap in India’s demand and supply of natural gas. It will also open more avenues of strategic partnership between the two companies in other areas of the energy domain.
The Indian company anticipates the LNG purchase agreement with ADNOC Gas will fortify India’s energy security and foster economic collaboration.
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ADNOC Gas CEO Dr Ahmed Mohamed Alebri said: “This long-term LNG supply agreement with GAIL India marks a significant step forward in our commitment to continue providing reliable and sustainable energy solutions to our partners and customers around the world.
“India continues to be a key market for ADNOC Gas, and this latest supply agreement underscores our ongoing dedication to fostering long-term partnerships that promote responsible energy consumption.”
Recently, GAIL signed a long-term deal with Vitol Asia for the supply of LNG into India, starting in 2026.
Vitol will supply approximately one million tonnes of the super-chilled fuel annually to GAIL for a period of ten years.