Abu Dhabi National Oil Co. PJSC (ADNOC) said Wednesday it had signed an agreement to supply one million metric tons per annum (MMtpa) from the Ruwais LNG project to Indian Oil Corp. Ltd.
Targeted to start production 2028, the facility on the Persian Gulf coast would more than double ADNOC’s LNG output.
“To date, over eight MMtpa of the project’s 9.6 MMtpa production capacity has been committed to international customers through long-term agreements, underscoring strong global demand for ADNOC’s lower-carbon LNG”, ADNOC said in a statement.
The offtake announced Wednesday is in addition to a 14-year contract between the two state-owned companies, announced February, for up to 1.2 MMtpa from the Das Island liquefaction facility. Deliveries are to start 2026 for the volumes from the Das Island facility, which has a capacity of six MMtpa.
The companies did not disclose the value of the new agreement. February’s agreement was valued $7-9 billion.
Under the new agreement, “LNG cargoes can be delivered to any port across India, supporting the country’s growing energy needs and enhancing its energy security”, ADNOC said.
“By 2029, IndianOil is set to become ADNOC’s largest LNG customer, with a total offtake of 2.2 MMtpa – comprising 1.2 MMtpa from ADNOC’s Das Island operations and one MMtpa from the Ruwais LNG project”.
“The SPA [sale and purchase agreement] highlights the success of the Comprehensive Economic Partnership Agreement signed between the UAE and India in 2022, which continues to foster deeper bilateral trade and energy cooperation”, ADNOC added.
Last August, ADNOC, through ADNOC Gas PLC, and another Indian state-owned company, Hindustan Petroleum Corp. Ltd. (HPCL), announced a heads of agreement for the delivery of 500,000 metric tons a year of LNG from Das Island for 10 years to India.
HPCL said it would receive the LNG at the recently commissioned Chhara LNG Terminal in Gujarat “to meet the demand of its refineries, City Gas Distribution Network and for marketing to downstream customers”.
Last year ADNOC inked a 10-year agreement to supply 500,000 metric tons per year of LNG to state-owned GAIL India Ltd.
This year ADNOC has now announced six LNG export agreements. Besides the HPCL agreement and the two Indian Oil agreements, the other agreements are with Japanese companies JERA Co. Inc. and Osaka Gas Co. Ltd. and Germany’s state-owned SEFE Securing Energy for Europe GmbH.
As announced January, the $450-million agreement with JERA lasts three years. The LNG will come from the Das Island facility. The companies did not disclose the volume.
In February ADNOC announced a 15-year agreement with Osaka Gas for up to 800,000 metric tons per year, mostly from Ruwais LNG. “Under the agreement, LNG cargoes will be shipped to the destination ports of Osaka Gas and its Singapore-based subsidiary, Osaka Gas Energy Supply and Trading Pte. Ltd.”, ADNOC said.
In July ADNOC and SEFE announced an agreement for 700,000 metric tons per year of Das Island LNG for three years starting 2025.
SEFE chief commercial officer Frederic Barnaud said in a press release July 10, “This new medium-term LNG contract builds on the long-term supply agreement with ADNOC that we signed last year, thereby adding another flexible source of LNG to our portfolio – to the benefit of both Europe’s security of supply and our global market trading activities”.
In November 2024 ADNOC and SEFE announced an agreement under which ADNOC would supply one MMtpa of LNG from Ruwais LNG to SEFE for 15 years.
To contact the author, email jov.onsat@rigzone.com
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