India, UAE sign $3 billion LNG deal, agree to boost trade and defence ties

It was sealed during a three-hour visit to India by the president of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, during which the two sides set a goal of doubling bilateral trade to $200bn by 2032.

The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al Nahyan for talks with Indian Prime Minister Narendra Modi. They pledged to double bilateral trade to $200 billion in six years and form a strategic defence partnership, reported the ArabWeekly.

Indian Prime Minister Narendra Modi and Mohamed bin Zayed Al Nahyan reportedly also discussed the situations to seek for cooperation of the common target.

Abu Dhabi state firm ADNOC Gas will supply 0.5 million metric tonnes of LNG a year to India’s Hindustan Petroleum Corp for ten years, the companies said.

ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.

From 2029, Indian firms will account for just over a fifth of ADNOC Gas’ annual 15.6-million-tonne output, according to the company

“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.

The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defence and foreign ministers.

In a joint statement, the two leaders hailed growing trade between their countries since a 2022 agreement.