IOC Signs Long-Term Agreement with ADNOC LNG, TotalEnergies for LNG Supply

IOC Signs Long-Term Agreement with ADNOC LNG, TotalEnergies for LNG Supply

Indian Oil Corporation (IOC) has signed two long-term agreements with Abu Dhabi Gas Liquefaction (ADNOC LNG) and TotalEnergies for liquefied natural gas (LNG) supply, Reuters reported.

The signature came during Prime Minister Narendra Modi’s visit to France and the UAE last week.

The LNG supplies would begin in 2026, the Indian company said in two separate statements.

According to the deals, ADNOC LNG would provide up to 1.2 million metric tons per year of LNG to IOC for 14 years, the Indian company said. This is the first time an Indian company to sign a long-term LNG import deal with ADNOC.

Additionally, TotalEnergies would supply 0.8 million metric tonnes per year of LNG to IOC for ten years.

These deals came as part of the efforts of India’s companies to boost the country’s gas infrastructure and raise the share of gas in its energy mix to 15% by 2030 from its current 6.2%.

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