Daily Newsletter

08 September 2023

Daily Newsletter

08 September 2023

ADNOC Gas signs LNG supply deal with PetroChina

ADNOC Gas has signed similar deals with Japex, Indian Oil Corporation and TotalEnergies in the past few months.

Shivam Mishra September 08 2023

ADNOC Gas (AG), the natural gas division of Abu Dhabi National Oil Company, has signed a liquefied natural gas (LNG) supply deal with a unit of Chinese oil and gas major PetroChina (PCI).

The deal, valued at between $450m (Dh1.65bn) and $550m, will see AG supply LNG to PetroChina International Company.

AG did not disclose details about the volume, duration and commencement of LNG shipments.

The United Arab Emirates (UAE)-based gas company said the deal underlines its expanding presence, especially in the East and South Asian markets.

AG CEO Ahmed Mohamed Alebri said: “We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world’s fastest-growing gas markets.

“China continues to be a key market for ADNOC Gas, and this agreement further reinforces our role as a major LNG supplier across East and South Asia, and beyond.”

PetroChina chairman Wu Junli said: “Energy is an important area of collaboration between China and the UAE. We are delighted to partner with ADNOC Gas, a company committed to providing stable and reliable energy supply with low-carbon emissions.

“This agreement signifies an extension of the cooperation between our two companies and reaffirms PCI’s commitment to ADNOC Gas as our global partner.”

The deal comes just few weeks after AG signed a similar agreement with Japex valued at between $450m and $550m.

AG also has LNG supply agreements in place with French energy major TotalEnergies and Indian Oil Corporation (IOCL).

The 14-year deal with IOCL was signed in July and is valued at between $7bn and 9bn.

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