Adnoc Gas says LNG supply deal with Indian Oil worth up to $9 billion

A unit of UAE’s Adnoc said it had signed a long-term deal to supply liquefied natural gas (LNG) to India’s top state oil refiner Indian Oil.

LNG Prime reported on July 17 that Indian Oil signed LNG supply deals with Adnoc and TotalEnergies for about 2 million mt.

Adnoc Gas, Adnoc’s new gas and LNG unit, said in a statement issued on Tuesday it will supply up to 1.2 million mt to Indian Oil over a period of 14 years.

According to the firm, the agreement is worth in the range of $7 billion to $9 billion.

“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,” it said.

The firm did not provide any additional information regarding the deal.

Earlier this year, Adnoc Gas signed a three-year LNG supply deal with a unit of France’s TotalEnergies worth up to $1.2 billion.

Adnoc launched its new gas and LNG unit, Adnoc Gas, on January 1 as it looks to further expand its international presence.

Adnoc owns a 70 percent stake in Adnoc LNG, that currently produces about 6 mtpa of LNG from its facilities on Das Island.

Besides this terminal, Adnoc is also working on the second LNG export plant in Al Ruwais.

According to Adnoc, the LNG terminal would have two 4.8 mtpa LNG trains, boosting the company’s LNG production capacity by 9.6 Mtpa, as it looks to respond to the growing global demand for natural gas.

Besides this, Adnoc is working to renew its fleet of LNG carriers and has already ordered six new vessels at China’s Jiangnan Shipyard.

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