UAE's ADNOC Gas inks 10-year pact with GAIL India, will supply 0.5 million metric tons LNG per year

UAE’s ADNOC Gas Tuesday signed a 10-year agreement to supply 0.5 million metric tons per year of liquefied natural gas (LNG) to GAIL (India) Limited, India’s largest Natural Gas Company. Earlier this month, India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said gas consumption in India would rise to over 500 million standard cubic meters a day (mmscmd) by 2030 from the present 155 mmscmd. India a key market Ahmed Mohamed Alebri, ADNOC Gas chief executive said India continues to be a key market for the company. “This latest supply agreement underscores our ongoing dedication to fostering long-term partnerships that promote responsible energy consumption,” Alebri added. As the world tries to curb planet-warming emissions, ADNOC Gas’ parent Abu Dhabi National Oil Company has intesified its focus on the gas market, seeing it as a transition fuel. Also, competition for LNG has increased since Russia’s invasion of Ukraine in February 2022. GAIL has an LNG portfolio of around 14 million tons per year comprising supplies from countries including the USA, Qatar, Australia and Russia, based on its 2022-23 annual report. Reuters reported ADNOC Gas saying it has signed multiple international LNG agreements in 2023 worth $9.4 - $12 billion with companies including TotalEnergies, Indian Oil Corporation and PetroChina International. ADNOC has further said it plans to more than double its LNG production capacity to meet rising global demand for through the Ruwais plant, which is set to be the first LNG export facility in the region to run on clean power. With inputs from Reuters