BAKU, Azerbaijan, February 13. ADNOC Gas has finalized a 14-year sales and purchase agreement (SPA) with Indian Oil Corporation Ltd (IndianOil) for the export of up to 1.2 million tons per annum (mtpa) of LNG, Trend reports.
The deal, valued between $7 billion and $9 billion, marks a significant step in the energy partnership between the UAE and India.
Deliveries under the agreement are set to begin in 2026, converting a previous Heads of Agreement into a long-term supply contract. ADNOC Gas CEO Fatema Al Nuaimi highlighted the importance of the deal, emphasizing its role in strengthening energy ties between the two nations and supporting India’s goal of increasing natural gas to 15% of its energy mix by 2030.
The LNG will be sourced from ADNOC Gas’ Das Island facility, which has a production capacity of up to 6 mtpa. As one of the world’s longest-operating LNG plants, Das Island has shipped over 3,500 LNG cargoes globally.