IOC expects the LNG supplies under the two deals to start from 2026. Credit: Talpa from Pixabay.

Petroleum refinery company Indian Oil Corporation (IOC) has signed long-term agreements with the United Arab Emirates’ (UAE) Abu Dhabi Gas Liquefaction (ADNOC LNG) and France’s TotalEnergies to import liquefied natural gas (LNG), reported Reuters.

The two LNG deals were signed during a visit by Indian Prime Minister Narendra Modi to France and UAE last week.

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IOC expects the LNG supplies under the two deals to start from 2026, reported the news agency.

ADNOC LNG will be responsible for the supply of up to 1.2 million tonnes per annum (mtpa) of LNG to IOC. The deal has a period of 14 years.

The LNG will be imported under India’s trade treaty with the UAE. The treaty allows LNG import by India without paying import tax of 2.5%.

Furthermore, TotalEnergies will deliver 0.8mtpa of LNG to IOC. Under this ten-year deal, the French company will supply LNG from its global portfolio.

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Separately, Reuters reported that Thailand’s state-controlled PTT is in advanced talks for a 15-year LNG deal with Qatar. PTT is expected to import one or two million tonnes per annum of LNG.

In March 2023, the IOC board approved an Rs610.77bn ($7.39bn) investment for the construction of the petrochemical complex at Paradip, Odisha, a state in India.

The complex will comprise a cracker unit and downstream process units to allow production of petrochemical products including polypropylene, high-density polyethylene, linear low-density polyethylene and polyvinyl chloride, among others.