Adnoc adds Thailand's Gulf Group to its Asian LNG book with a c. 2 mn-ton agreement starting in 2027

Adnoc has signed a second LNG agreement with Thailand's Gulf Group, a multi-year agreement for around 2 mn tons in total, starting in 2027, the company said in a statement. Adnoc Trading will deliver the volumes under a sales and purchase agreement that builds on a first LNG supply agreement signed in 2025, state news agency Wam reported. The value and exact duration weren't disclosed.

Why it matters: The Gulf Group’s volumes come from Adnoc's trading portfolio and aren't tied to a specific UAE plant. Adnoc's agreements with Hindustan Petroleum and Inpex are linked to Das Island and Ruwais. Adnoc Trading supplies from a portfolio that includes third-party LNG, and Adnoc pitches the setup as giving it more flexibility on supply and shipping, which counts for a lot while its UAE plants sit inside Hormuz.

REMEMBER- Adnoc says the agreement is enabled by the LNG platform it launched in July, combining Adnoc Gas and XRG’s marketing operations with Adnoc Trading’s desk. The platform targets 47 mn tons annually by 2035, and Adnoc Trading remains the counterparty for LNG trading.

Three buyers, one unnamed plant

Adnoc's Asian LNG book is expanding: Adnoc Gas signed a USD 2.5-3 bn agreement with India’s Hindustan Petroleum in January to supply 500k tons annually from Das Island for 10 years starting in 2028. In July, it signed a 15-year agreement with Japan’s Inpex for 1 mn tons a year from Ruwais LNG starting in 2028, or 15 mn in total.

Origin not found: No source plant has been named for Gulf Group’s supply agreement, unlike the Hindustan Petroleum and Inpex contracts, which are tied to Das Island and Ruwais. Adnoc Trading supplies from a portfolio that includes third-party LNG, and Adnoc says the platform is designed to enhance flexibility and shipping optionality.

Hormuz still shapes how the gas gets out

Getting LNG out of the Gulf already takes workarounds. By early September, the UAE and Qatar had moved three cargoes through rare LNG ship-to-ship transfers off Oman and the UAE's east coast for delivery to India and Japan. The gas must stay chilled throughout the handoff, limiting the pool of compatible tankers and equipment. Most LNG tankers also need to switch off their transponders while passing the strait.

Adnoc is adding ships to carry its LNG: Adnoc Logistics & Services ordered two LNG carriers for USD 444 mn in August, with delivery scheduled for 2029, taking its LNG fleet to 24 ships: 10 delivered and 14 under construction.

A permanent way around the strait is still on the drawing board: Adnoc Gas was studying an east-coast LNG export facility as of August, with no final investment decision taken. Its existing 6 mn-ton annual capacity at Das Island and the 9.6 mn-ton Ruwais project sit inside the strait, leaving UAE-produced LNG exposed to disruptions even as the group expands its international sales portfolio.

What’s next?

The signal: While Adnoc is filling its order book, Hormuz will test its delivery plans. Adnoc is committing LNG to Asian buyers from 2027, with its UAE plants located inside the strait, and the platform it launched in July is pitched for flexibility and shipping optionality. Neither statement says where the Gulf Group cargoes will load.