Indian Oil Corp (IOC), has signed long-term LNG import deals with United Arab Emirates’ Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG), and France’s TotalEnergies.
The two deals were signed during Prime Minister Narendra Modi's Visit to France and UAE last week. Supplies under the two deals would commence from 2026, the Indian company said in two separate statements.
ADNOC LNG would supply up to 1.2 million tpy of LNG to IOC for 14 years, the Indian company said, adding India's trade treaty with UAE enable it to import LNG without paying a 2.5% import tax.
This is the first time that an Indian company has signed a long term LNG import deal with ADNOC.
TotalEnergies would supply 0.8 million tpy LNG to IOC under the 10 year deal, it said. TotalEnergies would supply LNG to IOC from its global portfolio.
India companies are spending billions of dollars to boost their gas infrastructure and are scouting for long term LNG imports deals as the nation wants to raise the share of gas in its energy mix to 15% by 2030 from 6.2% currently.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24072023/reuters-indian-oil-signs-long-term-lng-import-deals/
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