ADNOC, India’s Gail sign MoU to explore LNG supply opportunities

Abu Dhabi National Oil Company (ADNOC) and GAIL (India) Limited have signed a Memorandum of Understanding to explore collaboration opportunities in liquefied natural gas (LNG) supply and decarbonisation, including short and long term LNG sales agreements.

The agreement also includes “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,” ADNOC said in a statement on Monday.

In the presence of H.E. Dr Sultan Al Jaber and India’s Minister of Petroleum and Natural Gas, H.E. Shri Hardeep Singh Puri, ADNOC and GAIL signed an agreement to explore collaboration in LNG.@gailindia #EnergyForLife #ADIPEC2022 pic.twitter.com/BjRIUBckIe

— ADNOC Group (@ADNOCGroup) October 31, 2022

The agreement was exchanged between Sandeep Kumar Gupta, Chairman and Managing Director, GAIL (India) Ltd and Fatema Al Nuaimi, CEO ADNOC LNG in the presence of His Excellency , and H.E.  at Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

“India is a strategic partner of the UAE and we have a strong and longstanding bilateral relationship,” said Dr Sultan Ahmed Al Jaber, ADNOC managing director and group CEO. Dr. Al Jaber is also the Minister of Industry and Advanced Technology and the UAE Special Envoy for Climate Change.

“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, in this case LNG, and joint opportunities for collaboration in new projects, decarbonisation efforts and renewable energy,” he added.

GAIL is one of India’s largest natural gas companies with integrated operations across the value chain, including 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 statement added.

“India and the UAE enjoy strong bonds of friendship since historical times and this relationship 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,” added Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs.

The agreement builds on the longstanding trade and economic partnerships that have been established between the two countries. In February, the UAE and India signed the comprehensive economic partnership agreement (CEPA).

Read: UAE and India sign Comprehensive Economic Partnership Agreement