Abu Dhabi National Oil Company (ADNOC) and Gas Authority of India Limited (GAIL) will explore opportunities to collaborate in liquefied natural gas (LNG) supply and decarbonisation, including short- and long-term LNG sales agreements.
The agreement also includes the potential optimisation of LNG trading activities, the review of joint equity investments in renewables and the monitoring of greenhouse gasses for LNG cargoes to support low-carbon LNG supplies.
GAIL, owned by the Government of India and with a market capitalisation of AED26.67 billion ($7.26 billion), is one of India’s largest natural gas companies with integrated operations across the value chain. This includes exploration and production, processing, transmission, distribution, marketing, petrochemicals, LNG trading and shipping, city gas distribution and related services. It is also expanding its presence in renewable energies including solar, wind and biofuels.
The agreement was signed by Sandeep Kumar Gupta, Chairman and Managing Director, GAIL, and Fatema Al Nuaimi, CEO, ADNOC LNG, at Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). It was signed in the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs.
Dr Al Jaber said: “India is a strategic partner of the UAE, and we have a strong and long-standing bilateral relationship. Through this important new agreement, ADNOC and GAIL will seek opportunities to broaden our commercial partnership, with a particular focus on lower carbon energy supplies and joint opportunities for collaboration in new projects.”
Puri added: “The strong bonds of friendship between the two countries is being further cemented through such partnerships. This MoU opens up opportunities for both GAIL and ADNOC in the energy sector which in turn helps to boost the trade and commerce relations between the two nations.”
ADNOC provides energy products to customers globally and has over 40 years of experience in the LNG market. It was the first LNG producer in the Middle East. It is currently in the midst of a major expansion of its natural gas business, accelerating production to meet both domestic and international demand.
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