UAE, India sign $3 billion LNG deal

India has signed a $3 billion deal to buy liquefied natural gas (LNG) from the United Arab Emirates (UAE). The deal makes New Delhi a major buyer of the emirate’s LNG, British news agency Reuters reported.
The deal between India and the UAE was signed on Tuesday (January 20). UAE President Sheikh Mohammed bin Zayed Al Nahyan arrived on a brief two-hour visit to sign the deal.
During Nahyan’s visit, various issues, including strengthening trade and defense cooperation, were discussed with Indian Prime Minister Narendra Modi. The heads of state of both countries have pledged to increase bilateral trade to $200 billion in the next six years.
According to the deal, Abu Dhabi’s state-owned Adnoc Gas Company will supply 500,000 tonnes of LNG annually to India’s Hindustan Petroleum Corporation for the next 10 years.
India is now the UAE’s largest customer and a key part of ADNOC’s LNG strategy. Indian Foreign Secretary Vikram Misri has said that the UAE is India’s third largest trading partner. It is worth noting that Pakistan signed a defence deal with Saudi Arabia last year. Recently, a Pakistani minister said that a draft of a trilateral defence agreement between Pakistan, Turkey and Saudi Arabia is being prepared. However, Misri clarified that signing the initial agreement with the Emirates does not mean that India will be involved in any regional conflict.