Gujarat Energy has secured a major long-term deal with Abu Dhabi National Oil Company (ADNOC) for the supply of up to 4 million tonnes of liquefied natural gas (LNG) over the next decade. The agreement, signed on Friday, November 6, 2026, is a 10-year Sales and Purchase Agreement (SPA) with ADNOC's international investment arm, XRG. The LNG supplies will begin in 2028, marking ADNOC's fifth such agreement in India.
Rashid Al Mazrouei, ADNOC's Chief Marketing and Origination Officer (LNG), highlighted that this deal strengthens the company's energy partnership with India. He noted it as the first sale of LNG from XRG's international portfolio, emphasizing reliable and flexible long-term supplies. The agreement was finalized through ADNOC’s new global LNG marketing and trading platform, which aims to manage 47 million tonnes per annum (mtpa) of marketable LNG beyond 2030.
The deal comes amid geopolitical tensions in West Asia, which have disrupted global crude supplies and contributed to price volatility since the conflict began on February 28. On Friday, oil prices steadied after a volatile week, with Brent crude trading at $99.78 a barrel in intraday trade. The market reacted to comments by US President Donald Trump regarding Iran's nuclear program.
Despite the significant deal, Gujarat Energy's stock continued to decline, falling 3.65% on Friday. The company reported a weak second-quarter performance, with net profit declining 35.9% quarter-on-quarter to ₹639.3 crore. Revenue rose slightly by 1.5% to ₹9,590 crore, while EBITDA fell 38.5% to ₹797.2 crore.