Mon 31-10-2022 19:37 PM
ABU DHABI, 31st October, 2022 (WAM) -- Abu Dhabi National Oil Company (ADNOC) and GAIL (India) Limited signed a Memorandum of Understanding, today, to explore collaboration opportunities in liquefied natural gas (LNG) supply and decarbonisation, including short and long term LNG sales agreements.
The agreement also includes potential optimisation of LNG trading activities, the review of joint equity investments in renewables and the monitoring of greenhouse gasses for LNG cargoes, to support low carbon LNG supplies.
The agreement was exchanged in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Shri Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs.
The agreement was signed by Sandeep Kumar Gupta, Chairman and Managing Director, GAIL (India) Ltd and Fatema Al Nuaimi, CEO ADNOC LNG, at Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Dr. Al Jaber said, “India is a strategic partner of the UAE, and we have a strong and long-standing bilateral relationship. Through this important new agreement, ADNOC and GAIL will seek opportunities to broaden our commercial partnership, with a particular focus on lower carbon energy supplies, in this case LNG, and joint opportunities for collaboration in new projects, decarbonisation efforts and renewable energy.”
Shri Hardeep Singh Puri said, “India and the UAE enjoy strong bonds of friendship since historical times and this relationship is being further cemented through such partnerships. This MoU opens up opportunities for both GAIL and ADNOC in the energy sector which in turn helps to boost the trade and commerce relations between the two nations.”
GAIL is one of India’s largest natural gas companies with integrated operations across the value chain, including exploration and production, processing, transmission, distribution, marketing, petrochemicals, LNG trading and shipping, city gas distribution and related services, both domestically and internationally, as well as expanding its presence in renewable energies including solar, wind and biofuels.
ADNOC is a responsible and reliable provider of energy products to customers globally. The company was the first LNG producer in the Middle East and has over 40 years’ experience in the LNG market. It is currently in the midst of a major expansion of its natural gas business, accelerating production to meet both domestic and international demand.