Hindustan Petroleum Corporation Ltd (HPCL) has signed a USD 3 billion deal to buy liquefied natural gas from the Abu Dhabi National Oil Company Gas (ADNOC Gas), making it the UAE’s top customer, the firm said.
The two firms signed a Sales and Purchase Agreement (SPA) during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al Nahyan for talks with Prime Minister Narendra Modi on Monday.
Abu Dhabi’s state firm will supply 0.5 million tonnes of LNG a year to HPCL for 10 years starting 2028.
“This agreement converts a previously signed Heads of Agreement between the two companies into a long-term SPA and is valued at approximately USD 2.5-3 billion over its (10 year) duration, for the export of 0.5 million tonnes per annum (mtpa) of liquefied natural gas (LNG),” ADNOC Gas said in a statement.
HPCL said it will receive the LNG at its 5 million tonnes per annum LNG import terminal at Chhara, Gujarat.
“The supplies under this agreement will support HPCL in​Hindustan Petroleum Corporation Ltd (HPCL) has signed a USD 3 billion deal to buy liquefied natural gas from the Abu Dhabi National Oil Company Gas (ADNOC Gas), making it the UAE’s top customer, the firm said.
The two firms signed a Sales and Purchase Agreement (SPA) during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al Nahyan for talks with Prime Minister Narendra Modi on Monday.
Abu Dhabi’s state firm will supply 0.5 million tonnes of LNG a year to HPCL for 10 years starting 2028.
“This agreement converts a previously signed Heads of Agreement between the two companies into a long-term SPA and is valued at approximately USD 2.5-3 billion over its (10 year) duration, for the export of 0.5 million tonnes per annum (mtpa) of liquefied natural gas (LNG),” ADNOC Gas said in a statement.
HPCL said it will receive the LNG at its 5 million tonnes per annum LNG import terminal at Chhara, Gujarat.
“The supplies under this agreement will support HPCL in ​Latest News [ SOBAN NEWS: International and National ]
