India’s IOC Signs Multi-Billion Dollar LNG Import Deal With UAE Firm

India’s Oil and Natural Gas Corporation (IOC) has signed a multi-billion dollar deal to import liquefied natural gas (LNG) from a UAE firm. The deal is for the import of 5 million tonnes of LNG per year for 25 years.

The deal was signed between IOC and ADNOC Gas, a subsidiary of the Abu Dhabi National Oil Company (ADNOC). The LNG will be supplied from ADNOC’s Dolphin Energy project, which is located in Qatar.

The deal is a significant boost for India’s efforts to diversify its energy imports. LNG is a cleaner-burning fuel than coal, and it is expected to play an increasing role in India’s energy mix in the coming years.

“This is a landmark agreement for IOC and ADNOC,” said Sanjiv Singh, chairman of IOC. “It will help us to meet our growing demand for LNG and to reduce our reliance on imported crude oil.”

“We are pleased to partner with IOC on this important project,” said Sultan Ahmed Al Jaber, CEO of ADNOC. “This deal is a testament to the strong relationship between India and the UAE, and it will help to strengthen our energy cooperation in the years to come.”

The deal is expected to be finalized in the coming months. Once it is finalized, it will be the largest LNG import deal in India’s history.