Hindustan Petroleum Corporation Limited (HPCL), one of India’s largest integrated oil refining and marketing company, has signed a Heads of Agreement (HOA) with Abu Dhabi Gas Liquefaction Company (ALNG) a subsidiary of ADNOC Gas for procurement of Liquefied Natural Gas (LNG) for a 10-year term.
ADNOC Gas is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain.
Under the terms of HOA, HPCL will receive LNG at the recently commissioned Chhara LNG Terminal, Gujarat to meet the demand of its refineries, City Gas Distribution Network and for marketing to downstream customers. This initiative further enables HPCL in building a diverse portfolio encompassing long and short-term LNG contracts to secure LNG and serve customers at competitive prices.
The supply under this agreement marks a significant milestone in India’s energy security and HPCL’s commitment to cleaner energy transition. This strategic partnership underlines India’s commitment towards increasing the share of gas in its energy basket. Such long-term LNG agreements play a vital role in ensuring reliability, affordability and supply security amidst a highly volatile global energy landscape.
Source – sarkaritel.com
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