IOCL, BPCL to sign LNG purchase deals with Adnoc

Two of India's biggest state-run oil companies will this week sign agreements to buy liquefied natural gas (LNG) from Abu Dhabi National Oil Co., (Adnoc) as the world's most populous nation looks to secure long-term supplies to meet growing energy demand.

- Bloomberg

Indian Oil Corp. Ltd (IOCL), the nation's biggest refiner, will buy up to 1.2 million tonnes a year of LNG from Adnoc, valued at over $7 billion for the 14-year period of the deal starting 2026, according to a government statement.

Bharat Petroleum Corp. Ltd (BPCL) is looking to receive 2.5 million tonnes of the fuel from the UAE company over five years starting April, with an option to extend it by another five years.