Indian Oil Corporation Ltd’s (IOC’s) recently signed long-term liquefied natural gas (LNG) purchase deal with Abu Dhabi’s ADNOC Gas is valued at $7-9 billion, the United Arab Emirates (UAE)-based gas major said on Wednesday.
The agreement, which was inked during Prime Minister Narendra Modi’s recent visit to France and the UAE, is for supply of up to 1.2 million tonnes per annum (mtpa) of LNG to IOC for 14 years, starting 2026. During Modi’s visit, IOC inked another agreement with France’s TotalEnergies for purchase of 0.8 mtpa of LNG for 10 years, starting 2026. IOC and the government, however, have not disclosed the value of the deals.
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