UAE’s ADNOC inks 10-year gas deal with India: What to know
The UAE is seeking to export more gas to India as domestic consumption is projected to rise in the South Asian country.
The United Arab Emirates’ state-owned gas company signed a 10-year liquified natural gas (LNG) deal with an Indian state-owned firm on Monday, boosting energy ties between the two countries as New Delhi faces massive tariffs from the United States.
What happened: ADNOC Gas said in a statement that it has agreed to supply 0.5 metric tons of LNG per year to Hindustan Petroleum. The deal “reflects the robust energy partnership between the UAE and India,” ADNOC Gas CEO Fatema Al Nuaimi said, adding that the supply will help India meet its goal of increasing the proportion of natural gas to 15% of its primary energy mix by 2030.
The company did not specify a monetary amount of the deal.
Natural gas accounted for 6.4% of India’s primary energy consumption in 2022, the most recent year for which data is available, according to the Paris-based International Energy Agency (IEA).
