ADNOC Agrees to Supply Indian Oil With LNG for 15 Years

The Abu Dhabi National Oil Company has agreed to a 15-year deal to supply Indian Oil (IOC.NS) with 1 million metric tons per annum of liquefied natural gas, the Abu Dhabi Media Office said on Monday.

The LNG will mainly come from ADNOC's Ruwais LNG project, the government media office said.

ADNOC has big ambitions in gas and LNG, which along with renewable energy and petrochemicals it sees as pillars for its future growth, putting it in competition with regional rivals Qatar - one of the world's top LNG exporters - and Saudi Arabia, which also has LNG ambitions.

ADNOC awarded Shell (SHEL.L), BP (BP.L), TotalEnergies (TTEF.PA), and Japan's Mitsui each a 10% stake in the Ruwais project, expected to begin output in late 2028.

The project, which will run on clean power, will consist of two plants each producing 4.8 million tons per annum (mtpa) of LNG, which will more than double ADNOC's LNG capacity to 15 mtpa.

ADNOC had already signed other agreements for LNG supply from Ruwais, including with Shell, Mitsui, Osaka Gas, China's ENN and Germany's EnBW and SEFE.

(Reporting by Yousef Saba; Editing by Louise Heavens)