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The agreement marks the first purchase of molecules from ADNOC's international portfolio and the company's fifth LNG supply agreement in India.
Shares of Gujarat Energy Ltd were trading at Rs 218.05 per scrip, down 2.96% by Rs 6.65 per scrip around 11:20 on BSE on Friday.
Speaking on the deal, Rashid Al Mazrouei, Chief Marketing & Origination Officer (LNG) at ADNOC said: “This agreement with Gujarat Energy strengthens ADNOC’s long-standing energy partnership with India. It represents the first sale of molecules from XRG’s international portfolio, reinforcing our commitment to delivering reliable, long-term LNG supplies."
Through its integrated LNG marketing and trading platform, the company is connecting its growing international portfolio with customers in key markets, while providing India with reliable, flexible and long-term LNG supplies.
Avantika Singh Aulakh, Managing Director, GEL said, “Through this partnership, GEL and ADNOC are joining forces to fully realize the power of our collaboration...Natural gas is central to driving India's shift toward cleaner energy, acting as a crucial lower-carbon option that boosts industrial efficiency, offers households a safer…