HPCL and ADNOC Gas signs Sale Purchase Agreement for supply of LNG on long term basis

Hindustan Petroleum Corporation Limited (HPCL) and Abu Dhabi Gas Liquefaction Company (ALNG), UAE have signed a Sale Purchase Agreement (SPA) for procurement of Liquefied Natural Gas (LNG) for a 10-year term. ALNG is a subsidiary of ADNOC Gas, which is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain.

Under the terms of this SPA, HPCL will receive LNG at it's 5 Million Tonne per annum LNG Storage and Regasification Terminal at Chhara, Gujarat. The supplies under this agreement will support the requirements of it's own Refineries, City Gas Distribution (CGD) network and Gas demand across key sectors like Fertilizers, Power, Petrochemicals and other Industries, thus meeting the nations growing and evolving energy needs.

This agreement between HPCL and ALNG underscores the deepening economic ties between India and UAE, emphasizing the role of LNG in supporting India's energy transition. The supply under this agreement marks a significant milestone in India's energy security and HPCL's commitment to cleaner energy transition.

Shares of Hindustan Petroleum Corporation Limited was last trading in BSE at Rs. 453.90 as compared to the previous close of Rs. 457.80. The total number of shares traded during the day was 1447043 in over 1981 trades.

The stock hit an intraday high of Rs. 460.15 and intraday low of 451.60. The net turnover during the day was Rs. 656915095.00.

Source : Equity Bulls

Keywords

HindustanPetroleumCorporation INE094A01015 HPCL AbuDhabiGasLiquefactionCompany UAE SPA LNGProcurement 10Years