India’s top state oil refiner Indian Oil has reportedly signed long-term deals to buy liquefied natural gas (LNG) from a unit of UAE’s Adnoc and France’s TotalEnergies.
According to reports by Reuters and Indian media, Indian Oil will buy in total 2 million mt per year starting in 2026 under the two deals which were signed during Prime Minister Narendra Modi’s visit to France and UAE last week.
Media reports in India suggest that the firms signed HOAs.
TotalEnergies will supply 0.8 million mt of LNG to Indian Oil and these supplies will last for ten years, the reports said.
As part of the second deal, Adnoc LNG will deliver up to 1.2 million mt of LNG to the Indian firm for a period of 14 years, according to the reports.
Both of these contracts are the first LNG supply deals for Indian Oil with TotalEnergies and Adnoc LNG, the reports said.
Adnoc owns a 70 percent stake in Adnoc LNG that currently produces about 6 mtpa of LNG from its facilities on Das Island.
TotalEnergies also has a 5 percent stake in Adnoc LNG.
On the other hand, Indian Oil owns a 12.5 stake in the country’s largest LNG importer, Petronet LNG, the owner of the Dahej plant but also the Kochi facility.
In addition, the firm also operates the Ennore LNG import facility on India’s east coast.
According to its website, Indian Oil has capacity rights at the Dahej, Dhamra, Jafrabad, and Kochi LNG terminals,
Indian Oil previously said it plans to double its capacity booking at LNG import terminals as part of India’s plans to shift to a gas-based economy.
