ADNOC Gas and Hindustan Petroleum sign $3 billion, 10-year LNG deal

ADNOC Gas and India’s Hindustan Petroleum Corporation Limited (HPCL) have signed a 10-year Sales and Purchase Agreement (SPA) valued at between $2.5 and $3 billion. The agreement was announced during His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE's visit to India this week, where he met with Indian Prime Minister Narendra Modi.

During the visit, His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Vikas Kaushal, Chairman and Managing Director of Hindustan Petroleum Corporation Limited exchanged the signed contract, highlighting the importance of the growing relationship between ADNOC, and its partners and customers in India.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “We are pleased to sign this long-term LNG supply agreement with Hindustan Petroleum Corporation which reflects the strong and growing energy partnership between the UAE and India. This agreement underscores ADNOC Gas’ commitment to delivering reliable LNG to meet global demand, while supporting India’s ambition to increase natural gas to 15% of its energy mix by 2030.”
 
Strategic partners

This milestone agreement makes India the UAE’s largest customer of LNG, fortifying the strategic partnership between both countries. The signing converts a previously signed Heads of Agreement between ADNOC Gas and HPCL into a long-term SPA to facilitate the export of 0.5 million tonnes per annum (MTPA) of LNG.  This agreement will see supply from ADNOC Gas’ Das Island liquefaction facility, which has a production capacity of up to 6 MTPA.

Since commencing operations, Das Island has delivered more than 3,500 LNG cargoes globally, demonstrating its strong operational performance and longstanding reliability as one of the longest-operating LNG plants in the world.

Long-term, high-value

ADNOC Gas has secured a series of long-term LNG agreements ranging from 0.4 to 1.2 MTPA, with contract durations of up to fourteen years. This signing with HPCL now brings the total value of contracts being supported and operated by ADNOC Gas to over $20 billion, with projections positioning the company to be the operator for 15.6 MTPA of LNG by 2029 - of which 3.2 MTPA is contracted to Indian companies including HPCL, solidifying ADNOC Gas’ stature as a trusted supplier of lower-carbon LNG to India and the broader Asian market.