United Arab Emirates, India Sign LNG Supply Maxi-Agreement
The agreement was reached at a summit in New Delhi between Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi
United Arab Emirates energy company Abu Dhabi National Oil Company (ADNOC) signed a strategic cooperation agreement with Indian state-owned Indian Oil Corporation Ltd (IOCL) on Tuesday, September 10, for the annual supply of one million tons of liquefied natural gas (LNG) over the next 15 years.
According to ADNOC’s press release, “LNG destined for Indian consumers will mainly be sourced from the innovative low-carbon Ruwais LNG project.” At the same time, the Emirati energy giant signed an agreement with the Indian Strategic Petroleum Reserve to “extend the existing oil storage agreement,” as well as “to support India’s energy security.”
The agreements were reached at the summit in New Delhi on Monday, September 9, between Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi. The agreements come in the context of the two countries’ efforts to expand cooperation in several key sectors, including energy, transportation, and infrastructure. India is working on a transportation project that would connect the port of Mumbai to the United Arab Emirates with the subsequent possibility of access to the Gulf and European markets.
