GAIL inks long-term LNG pact with UAE’s ADNOC Gas

30 Jan 2024 , 01:48 PM

GAIL has entered into a ten-year agreement with UAE’s ADNOC Gas to purchase 0.5 million tonnes of liquefied natural gas (LNG), according to the company.

This is the second long-term LNG purchase agreement that GAIL has inked this month. The supplies under the ADNOC agreement will begin in 2026.

This ‘will contribute to bridging the gap in India’s demand and supply of natural gas and will open more avenues of strategic partnership between GAIL and ADNOC in other areas of the energy domain,’ said GAIL’s chairman and managing director, Sandeep Kumar Gupta.

Earlier this month, GAIL signed an agreement with global commodities trader Vitol under which the Indian gas marketer will purchase one million tonnes of LNG annually for ten years, beginning in 2026.

These transactions would help GAIL expand its already vast LNG portfolio and fulfill expanding client demands.

At around 1.44 PM, GAIL was trading 1.34% higher at Rs 174.05, against the previous close of Rs 171.75 on NSE.

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