Shares of Hindustan Petroleum Corporation Ltd (HPCL) were trading in the green and 1% higher on 4 August after the company announced an agreement with Abu Dhabi Gas. 

In its regulatory filing, the company said that over the weekend, it had signed a heads of agreement (HOA) with the Abu Dhabi Gas Liquefaction Company (ALNG) to procure liquefied natural gas (LNG) for a 10-year period. ALNG is a subsidiary of ADNOC Gas, which is a large-scale integrated gas processing and sales company operating across the gas value chain, according to HPCL.

According to the HOA conditions, HPCL would receive LNG at the recently commissioned Chhara LNG terminal in Gujarat to meet the demand of its refineries, city gas distribution network, and downstream clients, HPCL stated.

The agreement strengthens links between India and the UAE, stressing the importance of LNG in India’s energy transition, according to the business.

At 12:06 pm, shares of Hindustan Petroleum were trading 0.28% higher at Rs 404.95 on NSE.

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