A preliminary agreement was signed between Abu Dhabi National Petroleum Corporation and Gael, India, to explore cooperation in LNG supply and decarburization, including short-term and long-term LNG sales agreements. ADNOC said in a statement that the agreement also includes potential optimization of LNG trading activities, review of joint equity investments in renewable energy and monitoring of greenhouse gases in LNG goods to support low-carbon LNG supply.

Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC

India is a strategic partner of the United Arab Emirates. We have a strong and long-term bilateral relationship, said Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director of ADNOC and Group CEO. Through this important new agreement, ADNOC and Gail will seek opportunities to expand our business partnership, paying special attention to low-carbon energy supply. In this case, there are cooperation opportunities in LNG, new projects, decarbonization and renewable energy.

In 2021, the global LNG trade volume will increase by 6% to 380 million tons, because the economy is recovering from the slowdown caused by the coronavirus, and countries focus on emission reduction. According to Shell's annual LNG outlook report, China and South Korea, the world's second largest economies, will lead the growth of LNG demand in 2021. This agreement opens up opportunities for Gail and ADNOC in the field of energy, which in turn helps to promote trade and commercial relations between the two countries, said Hardeep Singh Puri, Indian Minister of Oil and Gas. At the time of the latest agreement, India and the United Arab Emirates, the third largest economies in Asia, focused on strengthening trade and economic ties.

In 2022, the two countries signed the Comprehensive Economic Partnership Agreement, which is expected to increase the non oil trade between the two countries from the current US $60 billion to US $100 billion in five years, opening up more investment channels.

Gail is one of the largest natural gas companies in India. Its business covers the entire value chain, including exploration and production, processing, transmission, distribution, marketing, petrochemical, LNG trade and transportation, etc. ADNOC is the first LNG producer in the Middle East, with more than 40 years of experience in the market. It is vigorously expanding its natural gas business and accelerating production to meet domestic and international demand.

In 2022, Adnoc L&S, the logistics and service subsidiary of ADNOC, purchased three new LNG ships because the company expanded its fleet to meet the higher demand for LNG. During Prime Minister Olaf Schultz's visit to the Gulf region in September, ADNOC also signed an agreement to supply liquefied natural gas to RWE, a German energy company, to ensure the energy agreement of Europe's largest economy.Editor/Xing Wentao