IOC signs $7-9 billion long-term LNG import deal with UAE firm

14 Feb 2025 CW Team

Indian Oil Corporation (IOC), the nation's largest oil firm, has signed a USD 7-9 billion deal to import LNG from UAE on a long-term 14-year contract. IOC signed a long-term deal to receive 1.2 million tonnes per year of LNG from the United Arab Emirates beginning 2026 for 14 years. The deal was signed on the sidelines of India Energy Week here. hTe deal with IOC is the second LNG supply deal that the UAE giant signed with an Indian firm at the IEW. It signed a deal with Bharat Petroleum Corporation Ltd (BPCL) to supply 2.4 million tonnes of LNG over a period of 5 years, starting April 2025. The agreement is extendable by another 5 years with mutual consent. Separately, French energy giant TotalEnergies signed a deal to sell 4,00,000 tonnes a year of LNG to Gujarat State Petroleum Corporation Ltd (GPSC) for 10 years starting 2026. The LNG, sourced from TotalEnergies' global portfolio and delivered to terminals on India's west coast, will primarily serve GSPC's industrial customers.

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