IOCL signs deals to import LNG with Abu Dhabi Gas and Total Energies

IOCL has signed deals to import liquefied natural gas (LNG) on a long term basis from United Arab Emirates’ (UAE) Abu Dhabi Gas Liquefaction Company Limited and France’s Total Energies Gas and Power Limited during Prime Minster Narendra Modi’s visit to UAE and France, respectively. IOCL and Total Energies has signed a head of agreement to establish a long term LNG sale and purchase agreement for import of 0.8 million tonnes per annum (mtpa) for 10 years starting from 2026. Besides, IOCL has signed a deal to import 1.2 mtpa LNG from Adnoc LNG for 14 years starting from 2026. This is the first time Total Energies has signed a long-term deal with an Indian company. Moreover, this is the first time as well an Indian company has signed a long term LNG import deal with Adnoc. The deals are in line with the union government’s vision of increasing the share of natural gas in the energy basket from current 6.2 per cent to 15 per cent by 2030.