Indian Oil Corporation Inks Long-Term LNG Deals with UAE's Adnoc and France's TotalEnergies

18 Jul 2023 , 11:43 AM

Indian Oil Corporation (IOC) has signed long-term deals to import liquefied natural gas (LNG) from Abu Dhabi Gas Liquefaction Co Ltd (Adnoc) of the UAE and TotalEnergies of France.

The agreements were signed during Prime Minister Narendra Modi’s recent visits to France and the UAE. IOC will import 1.2 million tonnes per annum of LNG from Adnoc-LNG for 14 years, starting in 2026.

The deal with TotalEnergies is for the import of 0.8 million tonnes of LNG annually for 10 years, commencing in 2026.

This is the first long-term LNG deal between TotalEnergies and an Indian company. It is also the first time an Indian company has signed a long-term LNG import agreement with Adnoc.

TotalEnergies, the third-largest LNG supplier globally, will supply LNG to IOC from their diversified portfolio worldwide. These deals reflect India’s focus on securing a stable and diverse energy supply while promoting cleaner and sustainable energy solutions.

The agreements are expected to enhance India’s energy security and meet the nation’s growing energy demands.

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