ADNOC Gas, the newly listed subsidiary of state-owned energy firm Abu Dhabi National Oil Company (ADNOC), announced a 14-year deal worth $7 billion to $9 billion with Indian Oil Corp.
Under the deal, Abu Dhabi-based ADNOC Gas will supply 1.2 million metric tons of liquefied natural gas (LNG) per year to the majority government-owned Indian Oil Corp. The partnership marks another milestone for ADNOC Gas as it expands globally.
ADNOC Gas has also extended its existing natural gas pipeline network to transport higher gas volumes. Earlier this month, it awarded over $1.3 billion in contracts to expand the network.
"We look forward to expanding our collaboration and contributing to India’s growth story," said ADNOC Gas CEO Ahmed Alebri.
In May, ADNOC Gas signed a three-year $1 billion to $1.2 billion LNG deal with TotalEnergies to expand its reach.
ADNOC Gas recorded a 9% year-on-year rise in Q1 2023 net income to $1.3 billion, from pro forma adjusted net income of $1.2 billion for the same period a year ago.
