IndianOil signs $9 bn LNG import deal with ADNOC

New Delhi: IndianOil Corporation (IOC) has signed a $7-9-billion deal to import liquefied natural gas (LNG) from the UAE’s ADNOC Gas plc for 14 years beginning 2026, the UAE company said. IOC signed the deal as also a similar pact with TotalEnergies of France during Prime Minister Narendra Modi’s visit to France and the UAE last week. In a statement, ADNOC Gas said the agreement with IOC for the export of up to 1.2 million tonne per annum (mmtpa) of LNG is “valued in the range of $7 billion to $9 billion.” PTI

NEW DELHI

ADB retains India’s GDP growth forecast at 6.4%

The Asian Development Bank (ADB) on Wednesday retained India’s economic growth forecast at 6.4% for FY24 on recovery in consumption demand in both rural and urban areas, but said suppressed exports due to global slowdown will be a drag. The Indian economy grew 7.2% in 2022-23. “Assuming normal rainfall and other weather factors, India is expected to grow by 6.4% in current fiscal,” ADB said.