ADNOC Gas agrees $7bn-$9 bn 14-year LNG agreement with IOCL: Statement
Abu Dhabi’s ADNOC Gas on Tuesday announced a 14-year $7 billion-$9 billion deal with Indian Oil Corp to supply 1.2 million metric tonnes of liquefied natural gas (LNG) per year, ADNOC said in a statement.
The deal was signed during Prime Minister Narendra Modi’s Visit to the United Arab Emirates (UAE) last week, IOC said in a statement issued on Monday, adding that India’s trade treaty with the UAE enables it to import LNG without paying a 2.5% import tax.
Indian companies are spending billions of dollars to boost their gas infrastructure and are scouting for long term LNG import deals as the country aims to raise the share of gas in its energy mix to 15% by 2030 from 6.2% currently.
