Indian Oil Corporation Inks Historic LNG Import Deal with UAE

Indian Oil Corporation (IOC) has finalized a USD 7-9 billion agreement with ADNOC Gas for importing LNG from the UAE. This 14-year contract highlights growing energy collaborations between India and UAE, supporting India in achieving its goal of making gas 15% of its primary energy basket by 2030.

Indian Oil Corporation (IOC), India's largest oil company, has secured a monumental deal for liquefied natural gas (LNG) imports from the United Arab Emirates, valued at USD 7-9 billion over a 14-year period. This strategic agreement with UAE's ADNOC Gas emphasizes the strengthening energy ties between the two nations as they collaborate to advance India's energy framework.

The deal, which ensures up to 1.2 million tonnes per annum (mtpa) of LNG to be delivered from 2026, is part of India's broader strategy to transition its energy consumption towards cleaner sources. The government aims to increase the share of gas in the country's primary energy mix to 15% by the end of this decade.

Additional agreements at the India Energy Week further highlight the nation's efforts towards energy diversification and security, with Indian firms making substantial commitments in both LNG and renewable sectors. These developments underscore a pivotal shift in India's energy landscape, aiming for sustainability and reliability in its energy resources.

(With inputs from agencies.)