Indian Oil Corporation Limited (IOCL) has signed sales and purchase agreement (SPA) with ADNOC Gas for purchase of about 1.2 million tonnes per annum (mtpa) liquefied natural gas (LNG) for a period of 14 years, starting 2026.
The deal, valued between USD 7-9 billion, will see the LNG sourced from ADNOC’s natural gas facility on Das Island, which has a processing capacity of up to 6 mtpa.
Besides, Bharat Petroleum Corporation Limited (BPCL) has signed an LNG purchase agreement with ADNOC Gas, securing 2.4 mtpa LNG for a period of five years, starting April 2025. The agreement can be extended for an additional five years with mutual agreement.