ADNOC Gas will supply IndianOil with 1.2 million tons of LNG every year for 14 years
ADNOC Gas has signed a 14-year deal worth up to $9 billion with Indian Oil Corporation Ltd (IndianOil). Under this agreement, ADNOC Gas will supply the Indian government-owned company with up to 1.2 million tons of liquefied natural gas (LNG) every year.
LNG Deal
The agreement is worth between $7 billion and $9 billion over 14 years. The first shipments will start in 2026.
This deal with an Indian energy company supports ADNOC Gas’ plan to expand its customer base. It follows several LNG agreements made in the last two years.
The LNG will come from ADNOC Gas’ Das Island facility, which can produce up to 6 million tons per year.
Das Island is one of the world’s oldest LNG plants and has shipped over 3,500 LNG cargoes worldwide since it started operating.
ADNOC Gas is ranked 12th on Forbes Middle East’s list of Top 100 Listed Companies in 2024.
Key Quote
“As a trusted and responsible supplier of lower-carbon gas, ADNOC Gas is proud to support India’s goal of making gas 15% of its energy use by 2030,” said CEO Fatema Al Nuaimi.
Interesting Fact
ADNOC Gas provides about 60% of the UAE’s gas needs and serves customers in over 20 countries.
Financial Performance
In 2024, ADNOC Gas’ net income grew by 13% compared to the previous year, reaching $5 billion. This was due to strong demand for gas in the UAE and higher sales.
The company’s revenue rose 7% to $24.4 billion in 2024, helped by a 2% increase in sales and better pricing.
Free cash flow remained strong at $4.58 billion, showing the company’s strong ability to generate cash.
In the last three months of 2024, ADNOC Gas reported:
- Revenue: $6.1 billion
- EBITDA (earnings before certain costs): $2.3 billion
- Net income: $1.4 billion
Published: 13th February 2025
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