The United Arab Emirates and India have announced a significant liquified natural gas (LNG) agreement valued at over $2.5 billion. The deal was confirmed on Monday following a meeting between Emirati President Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi in New Delhi.
The 10-year contract was signed between ADNOC Gas, a subsidiary of the Abu Dhabi National Oil Company, and the state-run Hindustan Petroleum Corporation Ltd. Under the terms, ADNOC Gas will supply half a million tonnes of LNG annually to the Indian company.
According to a statement from ADNOC Gas, this agreement brings the total value of its supported and operated contracts to over $20 billion, positioning India as the UAE’s largest customer for natural gas. By 2029, Indian companies are expected to account for more than one-fifth of ADNOC Gas’s total annual output of 15.6 million tonnes.
In a joint statement, the two leaders highlighted the growth in trade since a 2022 agreement and committed to a new target of doubling trade volume to $200 billion by 2032.
Furthermore, Prime Minister Modi’s office stated that the two nations have agreed to advance their strategic defense partnership, focusing on enhancing cooperation in special operations, interoperability, cybersecurity, and counter-terrorism efforts.
