ADNOC Gas signs $3-B, 10-yr LNG deal with Hindustan Petroleum Corporation Limited
- India is now UAE’s largest customer of LNG, 20% of LNG operated by ADNOC Gas will be supplied to India by 2029
- $20 billion worth of LNG contracts signed in last 24 months between ADNOC Gas and Indian companies
- LNG agreement reinforces ADNOC Gas’ position as a reliable supplier of Indian energy
ADNOC Gas and its subsidiaries announced the signing of a sales and purchase agreement valued at between $2.5 B-$3 B for a period of ten years with Hindustan Petroleum Corporation Limited (HPCL).
The agreement was announced during a visit to India by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, where he met with the Indian Prime Minister, Narendra Modi.
During the visit, His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO and Vikas Kaushal, Chairman and Managing Director of Hindustan Petroleum Corporation Limited exchanged the signed contract, reiterating the importance of the growing relationship between ADNOC, its partners and customers in India.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “We are pleased to sign this long-term LNG supply agreement with Hindustan Petroleum Corporation which reflects the strong and growing energy partnership between the UAE and India. This agreement underscores ADNOC Gas’ commitment to delivering reliable LNG to meet global demand, while supporting India’s ambition to increase natural gas to 15% of its energy mix by 2030.”
This agreement converts a previously signed Heads of Agreement between the two companies into a long-term SPA and is valued at approximately $2.5 - 3 billion over its duration, for the export of 0.5 MMtpy of liquefied natural gas (LNG). The milestone agreement represents a further step in strengthening the strategic partnership between the UAE and India, while reinforcing ADNOC Gas’ role as a reliable and trusted supplier of LNG to Asia’s fast-growing markets.
It now brings the total value of contracts being supported and operated by ADNOC Gas to over $20 billion. India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy. The company’s growth is tied to the continued success of India.
By 2029 ADNOC Gas will be the operator for 15.6 MMtpy of LNG and of that 3.2 MMtpy is contracted to Indian energy companies including HPCL. This agreement will be supplied from ADNOC Gas’ Das Island liquefaction facility, which has a production capacity of up to 6 MMtpy and ranks among the world’s longest-operating LNG plants. Since commencing operations, Das Island has delivered more than 3,500 LNG cargoes globally, demonstrating its strong operational performance and long-standing reliability.
The Hindustan Petroleum agreement aligns with ADNOC Gas’ strategy to broaden its customer base and expand its presence in India and in key growth markets across Asia. Over the past three years, the Company has secured a series of long-term LNG agreements ranging from 0.4 to 1.2 MMtpy, with contract durations of up to 14 years. These contracts further reinforce ADNOC Gas’ position as a leading supplier of reliable, lower-carbon LNG to Asia’s rapidly growing energy markets.
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