Post by : Bianca
Haleem
The United Arab Emirates (UAE) has unveiled a significant liquified natural gas (LNG) supply contract with a state-owned company from India, totaling over $2.5 billion.
The contract was signed by ADNOC Gas, part of the Abu Dhabi National Oil Company, and Hindustan Petroleum Corporation Limited (HPCL). As per the agreement, ADNOC Gas will provide 500,000 tonnes of LNG each year for a decade.
ADNOC Gas reported that this arrangement boosts the total value of LNG agreements it manages to beyond $20 billion. Following this contract, India will become the UAE’s foremost natural gas client.
Starting in 2029, Indian companies are projected to represent just over 20 percent of ADNOC Gas’s yearly production capability of 15.6 million tonnes, according to the company.
This LNG partnership was concluded during UAE President Sheikh Mohamed bin Zayed Al Nahyan's visit to New Delhi, where he met with Indian Prime Minister Narendra Modi.
In a collaborative statement, both leaders expressed contentment with the substantial growth in bilateral trade following the 2022 Comprehensive Economic Partnership Agreement (CEPA) and pledged to double trade to $200 billion by 2032.
Additionally, India and the UAE are set to enhance collaboration in defense and security areas, including special operations, military interoperability, cyber security, and counter-terrorism, as stated by the Indian Prime Minister’s Office.
English
