{"id":100710,"date":"2025-02-14T00:00:00","date_gmt":"2025-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-gas-formalizes-lng-agreement-with-indian-oil-ega-eyes-more-us-acquisition-following-us-tariffs\/"},"modified":"2025-02-14T00:00:00","modified_gmt":"2025-02-14T00:00:00","slug":"this-morning-adnoc-gas-formalizes-lng-agreement-with-indian-oil-ega-eyes-more-us-acquisition-following-us-tariffs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/14\/this-morning-adnoc-gas-formalizes-lng-agreement-with-indian-oil-ega-eyes-more-us-acquisition-following-us-tariffs\/","title":{"rendered":"THIS MORNING: Adnoc Gas formalizes LNG agreement with Indian Oil + EGA eyes more US acquisition following US tariffs"},"content":{"rendered":"

Good morning, friends, and happy Valentine\u2019s Day. <\/strong>Our gift this year from the business world? A flood of earnings from the likes of Talabat, Emaar, Dubai Taxi, and much, much more. Plus: <\/strong>We have news of our first IPO of the year, courtesy of Alpha Data; as well as a new tax on Sharjah\u2019s natural resource firms; a new Vegas-like \u201cloop\u201d in Dubai; and eased business setup regulations in Abu Dhabi. Let\u2019s dive in. <\/p>\n

WEATHER- Expect another warm yet cloudy day, with a chance of rain<\/strong>, the National Center of Meteorology forecasts (pdf)<\/a>. Temperatures in Dubai hit 29\u00b0C during the day, with an overnight low of 20\u00b0C, while Abu Dhabi is expected to see highs of 24\u00b0C and an overnight low of 19\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Adnoc Gas signed a 14-year liquefied natural gas (LNG) supply agreement wit<\/strong>h <\/strong>Indian Oil Corporation<\/strong>, valued between USD 7-9 bn, the company said in a statement<\/a>. As part of the agreement, Adnoc Gas will supply up to 1.2 mn tonnes per annum (mtpa) of LNG from its Das Island liquefaction facility, with deliveries set to begin in 2026. This agreement formalizes a previously signed Heads of Agreement into a binding sales and purchase agreement.<\/p>\n

ICYMI: <\/strong>Earlier this week, Bloomberg reported that this is one of two major LNG purchase agreements<\/a> Adnoc is signing to secure long-term buyers for its exports. The other agreement, with Bharat Petroleum, covers 2.5 mn tons over five years starting in April, with an option to extend. This follows forecasts that the UAE stands to benefit from India\u2019s rising LNG demand, as the world\u2019s fourth-largest LNG buyer plans to more than double its imports to 64 bn cubic meters annually by 2030.<\/p>\n

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<\/a> #2-<\/strong> Emirates Global Aluminium (EGA) is eyeing more US acquisitions<\/strong>, following its acquisition of 80% of Minnesota\u2019s Spectro Alloys in August 2024<\/a>, Bloomberg<\/a> reports. The acquisition is already bearing fruit for the firm by providing it with zero-tariff supply as US metal prices rise, CEO Abdulnasser Bin Kalban said. <\/p>\n

The company had already been evaluating two additional US agreements<\/strong> before the US\u2019 introduction of 25% tariffs on aluminum and steel imports, and is now also eyeing potential European investments. EGA\u2019s US-produced aluminum avoids tariffs, but UAE exports to the US remain subject to levies.<\/p>\n

What's next?<\/strong> A 170k-ton annual capacity recycled aluminum smelter in Dubai will launch in December, ahead of schedule. The company plans to increase sustainable production by investing in recycling plants and powering facilities with renewable energy.<\/p>\n

PLUS: FACT CHECK- <\/strong>No <\/strong>EGA power p<\/strong>lant in Indonesia: <\/strong>Industrials giant Emirates Global<\/a><\/a>Aluminium<\/a> (EGA) denied claims that it is building a 5 GW nuclear power plant in West Java, calling the Indonesian government's statement \u201cinaccurate,\u201d Reuters<\/a> reports. However, EGA has expressed interest in other sectors in Indonesia. <\/p>\n

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<\/a> #3- The UAE is inching ever closer to the introduction of autonomous transport: <\/strong><\/p>\n