India's IOC Signs Multi-Billion Dollar LNG Import Deal With UAE Firm
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This is the first time an Indian company has signed a long-term LNG import deal with Adnoc. New Delhi: India's top oil firm IOC has signed a USD 7-9 billion deal to import liquefied natural gas (LNG) from the UAE's ADNOC Gas plc for 14 years beginning 2026, the UAE company said. Indian Oil Corporation (IOC) signed the deal as also a similar pact with TotalEnergies of France during Prime Minister Narendra Modi's visit to France and the UAE last week. In a statement, ADNOC Gas said the agreement with IOC for the export of up to 1.2 million tonne per annum (mmtpa) of LNG is "valued in the range of USD 7 billion to USD 9 billion over its 14-year term, signifies a major step forward in the partnership between the two industry leaders." The deal with TotalEnergies Gas and Power Ltd (TotalEnergies) is for the import of 0.8 million tonne a year of LNG for 10 years starting 2026. This is the first long-term deal TotalEnergies has signed with an Indian company. ...