ADNOC signs 5-year LNG deal with India's BPCL.

Sources with knowledge of the deal said that Bharat Petroleum Corporation in India will receive 2.5 million tons (LNG) of liquefied gas under a five-year contract.

Sources said that the Indian state refiner would receive 40 cargoes of LNG per year under the five-year contract, with deliveries starting in April.

One source said that the supply would be lower in the first two years and then gradually increase.

Sources said that ADNOC and BPCL will sign a deal during the India Energy Week, a four-day conference.

Sources said that during the conference ADNOC would also sign a sale-purchase agreement with Indian Oil Corp. for a 15-year LNG deal, which was agreed on in September of last year. ADNOC and IOC have agreed to supply LNG starting in April of next year.

ADNOC responded to an email with "We don't comment on commercial negotiation." BPCL and IOC didn't respond to emails seeking comments.

India, the world's fourth-largest LNG importer, aims to increase its gas share in its energy mix from 6.2% to 15% by 2030.

Oil Secretary Pankaj Jain stated earlier that Indian companies were also interested in buying LNG from the United States.

(source: Reuters)