New Delhi: 29, Jan 2024: In a significant move for India’s Natural Gas industry, GAIL (India) Limited has inked a long-term LNG contract with ADNOC Gas.
“تسريع النمو: شراكة GAIL وأدنوك للغاز الطبيعي المسال تفوز”
The agreement, stemming from a prior MoU, entails GAIL purchasing around 0.5 MMTPA LNG from Abu Dhabi National Oil Company (ADNOC) for a ten-year period, starting from 2026. This strategic collaboration reinforces the economic ties between India and the UAE.
The deal is poised to enhance India’s energy security, aligning with the government’s goal to increase the share of natural gas in the energy mix to 15%. GAIL’s Chairman & MD, Shri. Sandeep Kumar Gupta, emphasizes the deal’s role in addressing India’s natural gas demand-supply gap and fostering broader energy domain partnerships with ADNOC.
Director (Marketing) at GAIL, Shri Sanjay Kumar, anticipates the transaction to contribute significantly to achieving national energy objectives. The agreement not only supports GAIL’s growth objectives in the evolving natural gas landscape but also aligns with India’s vision for a diversified energy portfolio.
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This development reflects GAIL’s prominent position in India’s natural gas sector, boasting a 70% market share in gas transmission and over 50% in gas trading. The long-term collaboration with ADNOC Gas marks a stride towards fortifying India’s energy security, economic collaboration, and fostering a new frontier of strategic partnership for both GAIL and ADNOC in the energy domain.
