By: ICN Bureau
Last updated : November 02, 2022 8:07 am
Joint collaboration and investment opportunities in both energy and renewables to be reviewed
Abu Dhabi National Oil Company (ADNOC) and GAIL (India) Limited signed a Memorandum of Understanding, today, to explore collaboration opportunities in liquefied natural gas (LNG) supply and decarbonisation, 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) Ltd and Fatema Al Nuaimi, CEO ADNOC LNG in the presence of 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 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Dr. Al Jaber 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.”
Puri 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.”