New Delhi. In a significant move towards strengthening India's energy security and meeting its growing demand for liquefied natural gas (LNG), Indian Oil Corporation (IOC), the country's top oil firm, has recently signed two major deals with international partners.

Firstly, IOC has inked a momentous 14-year agreement, valued at $7-9 billion, with UAE's ADNOC Gas plc. Under this deal, IOC will import up to 1.2 million tonnes per annum (mt) of LNG from ADNOC Gas, commencing in 2026. This marks the first-ever long-term LNG import deal between an Indian company and ADNOC, the arm of Abu Dhabi National Oil Company.

Additionally, during Prime Minister Narendra Modi's visit to France and the UAE, IOC also finalized a similar pact with TotalEnergies Gas and Power Ltd of France. The deal with TotalEnergies involves the import of 0.8 million tonnes per year of LNG for a period of 10 years, starting from 2026. This marks TotalEnergies' first long-term agreement with an Indian company, further solidifying India's energy collaboration with global partners.

ADNOC Gas, as a key global LNG export partner, and TotalEnergies, being the third-largest LNG supplier in the world, will be instrumental in providing IOC with a diversified portfolio of LNG from various regions across the globe.

Ahmed Alebri, CEO of ADNOC Gas, emphasized that the long-term LNG deal represents a significant milestone in their enduring partnership with IOC. The deal not only strengthens their collaboration but also reaffirms ADNOC Gas' position as a preferred global LNG export partner.

The agreement with ADNOC Gas is set to deliver up to 1.2 mt of LNG to IOC in India, supporting the country's ambitious goal of increasing the share of natural gas in its energy mix from 6.2% to 15% by 2030. This move aligns with India's commitment to the energy transition and sustainable development. /BI