Indian Oil Signs Historic LNG Import Deals with UAE and Beyond

Indian Oil Corporation has entered a long-term agreement with UAE's ADNOC Gas to import liquefied natural gas over 14 years, valued at $7-9 billion. Additionally, other significant deals were signed at India Energy Week, reinforcing India's energy diversification and strengthening ties with international partners.

Indian Oil Corporation Limited (IOC) has forged a groundbreaking agreement with ADNOC Gas to import liquefied natural gas (LNG) from the United Arab Emirates. The deal, spanning 14 years, is valued at $7-9 billion, marking a significant milestone in India's quest for energy diversification.

Signed during India Energy Week, this deal underscores the strategic energy partnership between India and the UAE. It aligns with India's objective to increase the share of natural gas in its primary energy basket to 15% by 2030. The agreement exemplifies both countries' commitment to sustainable energy solutions.

In addition to this landmark deal, French energy giant TotalEnergies and Bharat Petroleum Corporation Ltd inked similar agreements, demonstrating India's robust strides towards ensuring energy security and fostering international cooperation in energy trade.

(With inputs from agencies.)