ADNOC agrees to 5-yr LNG supply deal with India's BPCL
Abu Dhabi National Oil Co. (ADNOC) will supply 2.5 MMt of liquefied natural gas (LNG) to India's Bharat Petroleum Corp under a new 5-yr deal, sources with knowledge of the matter said on Monday.
Indian's state refiner will receive 40 cargoes of LNG under the 5-yr contract with supplies beginning from April, the sources said.
In the initial two years, supplies would be less and will be gradually ramped up, one of the sources said.
ADNOC will sign the deal with BPCL during the four-day India Energy Week conference, the sources said.
During the conference, ADNOC will also sign sale purchase agreement with Indian Oil Corp. for a 15-yr LNG deal agreed in September last year, the sources said. Supplies under ADNOC's deal with IOC will begin from April next year.
"We do not comment on commercial negotiations," ADNOC said in an email response.
BPCL and IOC did not respond to emails seeking comments.
The world's fourth largest importer of LNG, India aims to raise the share of gas in its energy mix to 15% by 2030 from 6.2% now.
Indian companies are also looking at buying LNG from the United States, oil secretary Pankaj Jain said earlier on Monday.
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