DUBAI, United Arab Emirates — The United Arab Emirates announced on Monday a new liquefied natural gas (LNG) deal with a state-run Indian company valued at more than $2.5 billion.
The contract, signed between Adnoc Gas ― a subsidiary of the Abu Dhabi National Oil Co. ― and Hindustan Petroleum Corp. Ltd., provides for the supply of an annual half a million tons of LNG over a 10-year period, the Emirati company said.The deal “brings the total value of contracts being supported and operated by Adnoc Gas to over $20 billion,” and will make India the UAE’s largest natural gas customer, Adnoc Gas said.From 2029, Indian firms will account for just over a fifth of Adnoc Gas’ annual 15.6-million-tonne output, according to the company.The latest deal was finalized on the sidelines of a visit by Emirati President Mohamed bin Zayed Al Nahyan to New Delhi, where he met with Indian Prime Minister Narendra Modi.In a joint statement, the two leaders hailed growing trade between their countries since a 2022 agreement and committed to doubling it to $200 billion by 2032.The UAE is India’s third-largest trading partner though ties between the two countries have run deeper even before the creation of the UAE when it was then known as the Trucial States.
