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Indian Oil Corp, the leading refiner in India, has recently inked long-term contracts to import liquefied natural gas (LNG) from two prominent companies, namely Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) from the United Arab Emirates and TotalEnergies from France. These accords were signed during Prime Minister Narendra Modi's recent trips to the two countries, indicating the Indian government's commitment to securing its energy resources and promoting its strategic partnerships with these nations.  As per the official statements released by Indian Oil Corp, the LNG supplies under these agreements are expected to commence in 2026.

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The demand for liquefied natural gas (LNG) in India has been steadily on the rise in recent times. According to S&P global seaborne data, in April of this year, imports of LNG in India increased to 2.02 million metric tonnes from 1.94 million metric tonnes in March. Furthermore, the data shows that the demand for LNG has rose to 1.70 million metric tonnes from April 2022.

Indian natural gas consumption is now expected to rise by 4% on a yearly basis in May, according to a revised forecast from the International Energy Agency (IEA). This increase is attributed to a modest recovery in the power sector, as well as continued growth in the industrial activity and city gas sectors.

ADNOC LNG and TotalEnergies have signed long-term LNG import deals with Indian Oil Corporation (IOC). This is a positive step towards meeting the increasing demand for LNG in India, as these deals will provide a steady supply of LNG to the country. As per the agreement, ADNOC LNG would supply 1.2 million metric tonnes of LNG annually for 14 years to IOC without paying 2.5 percent of the import tax. Besides this, the deal with TotalEnergies is for ten years, wherein the company will deliver 800,000 metric tonnes annually.

India's demand for LNG is rising, prompting companies to invest billions in gas infrastructure and seek long-term LNG import deals. The nation aims to raise the share of gas in its energy mix to 15% by 2030.

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According to Procurement Resource, Indian Oil Corp has signed long-term contracts to import liquefied natural gas (LNG) from ADNOC and TotalEnergies, during the visit of the Indian Prime Minister to UAE and France. These deals aim to increase gas's share in India's energy mix and diversify its supply sources.