ADNOC and India’s GAIL, Joint collaboration and investment opportunities in both energy and renewables to be reviewed
Abu Dhabi National Oil Company (ADNOC) and GAIL (Gas Authority of India) Limited recently signed a Memorandum of Understanding, to explore collaboration opportunities in liquefied natural gas (LNG) supply and decarbonization, including short- and long-term LNG sales agreements.
The agreement also includes potential optimization 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 between Sandeep Kumar Gupta, Chairman and Managing Director, GAIL (India) and Fatema Al Nuaimi, CEO, ADNOC LNG in the presence of HE Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE Special Envoy for Climate Change, and ADNOC Managing Director and Group CEO, and Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, at the recently concluded Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
“India is a strategic partner of the UAE and we have a strong and longstanding 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,” stated Dr. Al Jaber.
“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,” commented Minister Puri.