UAE: Adnoc Gas signs supply agreement worth up to Dh2 billion with PetroChina International

This agreement underscores the company's growing global presence, particularly in the East and South Asian markets

By WAM

Published: Thu 7 Sep 2023, 11:00 AM

Last updated: Thu 7 Sep 2023, 5:43 PM

Adnoc Gas on Thursday announced an agreement, valued between $450 million (Dh1.65 billion) and $550 million (Dh2 billion), to supply Liquefied Natural Gas (LNG) to PetroChina International Company Limited (PCI), a subsidiary of PetroChina Company Limited, one of the leading oil and gas producers and distributors in China.

This agreement underscores Adnoc Gas' growing global presence, particularly in the East and South Asian markets. Natural gas plays a crucial role as a transitional fuel, generating lower-carbon emissions than other fossil fuels, and Adnoc Gas is committed to ensuring reliable supply to its customers worldwide.

Ahmed Mohamed Alebri, Chief Executive Officer of Adnoc Gas, said: "We are pleased to sign this LNG supply agreement with PCI, further strengthening our presence in one of the world's fastest-growing gas markets. China continues to be a key market for Adnoc Gas, and this agreement further reinforces our role as a major LNG supplier across East and South Asia and beyond."

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LNG serves as an important raw material in industrial value chains, and its versatility allows its application across a broad range of industries, fostering economic growth.

Commenting on the agreement, Wu Junli, Chairman of PCI, said: "Energy is an important area of collaboration between China and the UAE. We are delighted to partner with Adnoc Gas, a company committed to providing a stable and reliable energy supply with low-carbon emissions. This agreement signifies an extension of the cooperation between our two companies and reaffirms PCI's commitment to Adnoc Gas as our global partner."

This agreement follows several significant international LNG sales agreements, including those with Japan Petroleum Exploration Co., Ltd. (JAPEX), TotalEnergies Gas and Power, and India Oil Corporation (IOCL), underscoring Adnoc Gas' position as a global export partner of choice.

Adnoc Gas continues to leverage opportunities arising from Adnoc's integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economical supply of natural gas to meet local and international demand.

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