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regular-article-logo Tuesday, 25 June 2024

GAIL signs agreement to buy 0.5 million tonnes per annum of LNG from UAE’s Adnoc-Gas

GAIL chairman and managing director Sandeep Kumar Gupta said the deal with Adnoc will contribute to bridging the gap between India’s demand and supply of natural gas while opening up more avenues of strategic partnership between the two in other areas

Our Special Correspondent New Delhi Published 31.01.24, 10:22 AM
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State-owned GAIL has signed an agreement to buy 0.5 million tonnes per annum of LNG from UAE’s Adnoc-Gas, its second deal this month.

“This is pursuant to an MoU dated October 30, 2022 between GAIL and Abu Dhabi National Oil Company (Adnoc) to explore opportunities, including the purchase of LNG by GAIL from Adnoc, for a tenure ranging from short- to medium- and long-term,” the company said in a statement.

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The deliveries will commence in 2026 for 10 years. GAIL did not disclose pricing and other details.

On January 5, GAIL announced a deal to import 1 million tonnes of liquefied natural gas (LNG) from Dutch energy trader Vitol for 10 years, starting in 2026.

GAIL chairman and managing director Sandeep Kumar Gupta said the deal with Adnoc will contribute to bridging the gap between India’s demand and supply of natural gas while opening up more avenues of strategic partnership between the two in other areas.

Aramco move

Saudi Arabia’s oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country’s energy ministry, reports AP.

The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day.

With inputs from AP

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