In a launch despatched to Rigzone by the ADNOC Gasoline workforce lately, ADNOC Gasoline introduced a 14-year gross sales and buy settlement (SPA) with Indian Oil Company Ltd for the export of as much as 1.2 million tons every year (mtpa) of liquefied pure gasoline (LNG) “to India’s largest built-in and diversified vitality firm”.
ADNOC Gasoline famous within the launch that this settlement converts a earlier Heads of Settlement between the events right into a SPA. First deliveries will start in 2026, in line with ADNOC Gasoline, which revealed within the launch that the settlement “is valued within the vary of $7 billion to $9 billion over its 14-year time period and signifies a serious step ahead within the partnership between the 2 trade leaders”.
The settlement builds on ADNOC Gasoline’ technique to broaden its buyer base, following a collection of LNG agreements signed over the previous two years, the corporate stated within the launch, including that these offers vary from 0.4 million tons every year to 1.2 million tons every year.
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“They’re for durations ranging as much as 14 years and reinforce … [ADNOC Gas’] place as a number one provider of dependable, lower-carbon LNG to key progress markets in Asia, equivalent to India,” ADNOC Gasoline highlighted within the launch.
ADNOC Gasoline famous in its launch that the LNG will likely be equipped from ADNOC Gasoline’ Das Island liquefaction facility, which it stated has a manufacturing capability of as much as six million tons every year. Das Island has shipped over 3,500 LNG cargoes worldwide since beginning operations, in line with the discharge.
“This settlement strengthens our long-standing partnership with Indian Oil and is a testomony to the dynamic and sturdy vitality ties between the UAE and India,” ADNOC Gasoline CEO Fatema Al Nuaimi stated within the launch.
“As a dependable and accountable provider of lower-carbon gasoline, ADNOC Gasoline seems ahead to supporting India’s plans to make gasoline 15 % of its major vitality basket by 2030,” Al Nuaimi added.
An announcement posted on Indian Oil Corp Ltd’s X web page lately stated, “Indian Oil is proud to increase its partnership with ADNOC Gasoline by means of this long-term LNG settlement”.
“The deal strengthens the India-UAE vitality ties and fuels our imaginative and prescient for a cleaner, greener India,” the assertion added.
In an announcement posted on its web site on February 6, ADNOC Gasoline introduced “file earnings for the complete yr 2024 of $5 billion”, in addition to the corporate’s “highest quarterly earnings of $1.38 billion since its IPO”.
“Our record-breaking fourth quarter outcomes show our potential to ship on our formidable progress technique as we search to comprehend EBITDA progress of over 40 % by 2029,” Al Nuaimi stated in ADNOC Gasoline’ February 6 assertion.
In that assertion, Al Nuaimi highlighted “ADNOC Gasoline’ evolution into one of many highest earnings producing corporations listed within the UAE”, which the ADNOC Gasoline CEO stated “is a testomony to our dedication to create long-term and sustainable worth for our shareholders, as we put money into progress tasks to fulfill the rising demand for decrease carbon Home Gasoline, LPG and LNG, each domestically and globally as key fuels within the vitality transformation”.
Final month, in one other assertion posted on its web site, ADNOC Gasoline introduced the signing of a $450 million, three-year LNG provide settlement with JERA International Markets Pte Ltd.
In a separate assertion posted on its web site final month, ADNOC Gasoline stated it “celebrated a brand new long-term strategic partnership with EWEC”.
“This landmark settlement is underpinned by a 10-year versatile pure gasoline gross sales and buy settlement between ADNOC Gasoline Services LLC and EWEC price $10 billion,” the corporate highlighted on the time.
In an announcement posted on its web site in November final yr, ADNOC Gasoline introduced that it had signed a 10-year SPA with GAIL India Restricted to produce as much as 0.52 MTPA of LNG. ADNOC Gasoline didn’t disclose the worth of the deal in that assertion.
ADNOC Gasoline describes itself as a world-class, large-scale built-in gasoline processing firm working throughout the gasoline worth chain. The corporate provides roughly 60 % of the UAE’s gasoline gross sales and provides end-customers in over 20 international locations, in line with its web site.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
