GAIL (India) Limited — Updates, 14-11-2024: Press Release

GAIL (India) Limited has recently signed a 10-year Sales and Purchase Agreement (SPA) with ADNOC Gas for the delivery of up to 0.52 million metric tonnes per annum (MMTPA) of liquefied natural gas (LNG), commencing in 2026. This agreement marks ADNOC Gas's first contract with an Indian buyer, illustrating the growing LNG demand in India. LNG will be delivered in six cargoes annually from ADNOC Gas's Das Island facility, noted for its historical significance as one of the oldest LNG plants still operational.

GAIL's Director of Marketing highlighted the company's plan to significantly expand its LNG portfolio to cater to the increasing energy demands across diverse sectors. With India emerging as the fourth-largest LNG importer globally and aiming to raise the share of natural gas in its energy mix from 6% to 15% by 2030, this agreement strengthens GAIL's position to meet future growth. The move aligns with global trends, where LNG demand is expected to surge due to industry shifts and a focus on cleaner energy solutions. This partnership represents a strategic opportunity for GAIL and enhances India's energy sustainability.