Indian Oil Signs LNG Import Agreements with Adnoc and TotalEnergies

Indian Oil Corporation, the largest refining company in the country, has signed two long-term agreements for the import of liquefied natural gas (LNG) with UAE's Adnoc and France's TotalEnergies. The agreements were signed during Indian Prime Minister Narendra Modi's visit to France and the UAE last week. The Indian company stated in separate announcements that "supplies under the agreements will begin in 2026." It noted that "Adnoc will supply up to 1.2 million tons per year of LNG over a period of 14 years," adding that "the trade agreement between India and the UAE allows it to import LNG without paying a 2.5% import tax." This marks the first time an Indian company has signed a long-term LNG import agreement with Adnoc. The company explained that "TotalEnergies will supply 0.8 million tons of LNG from its global portfolio under a ten-year agreement." Indian companies are investing billions of dollars to enhance their gas infrastructure and are exploring opportunities to secure long-term LNG import agreements, as India aims to increase the share of gas in its energy mix to 15% by 2030, up from the current 6.2%.