GAIL (India), ADNOC to explore opportunities in LNG supply and decarbonization
GAIL (India), a natural gas company, has collaborated with Abu Dhabi National Oil Company (ADNOC) to explore liquefied natural gas (LNG) supply and decarbonization opportunities.
The partnership is expected to encourage low carbon LNG supplies by optimizing LNG trading activities, reviewing joint equity investments in both energy and renewables, and monitoring greenhouse gasses for LNG cargoes.
Dr. Sultan Ahmed Al Jaber — ADNOC Managing Director and Group CEO said: “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, in this case LNG, and joint opportunities for collaboration in new projects, decarbonization efforts and renewable energy.”
GAIL (India), ADNOC to explore opportunities in LNG supply and decarbonization. Photo courtesy of Abu Dhabi National Oil Company.
The announcement of the partnership comes close to the heels of the ADNOC’s expansion plans to fast track its natural gas production to meet both domestic and global demand while GAIL with integrated operations across the value chain, is planning to increase its footprint in renewable energies including biofuels, solar and wind.
Hardeep Singh Puri — India’s Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, 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.”
India is said to consume 14% of the Organization of the Petroleum Exporting Countries (OPEC) hydrocarbon production amounting to $48 billion in 2021.