Shares of Hindustan Petroleum Corporation Ltd. (HPCL) recovered from opening lows on Monday, August 4, after the company over the weekend said it signed a heads of agreement (HOA) with the Abu Dhabi Gas Liquefaction Company (ALNG) to procure liquefied natural gas (LNG) for a 10-year term,ALNG is a subsidiary of ADNOC Gas, which is a large-scale integrated gas processing and sales company operating across the gas value chain, HPCL said in a statement.
As per the HOA terms, HPCL said it will receive LNG at the recently-commissioned Chhara LNG terminal in Gujarat to meet the demand of its refineries, city gas distribution network and for marketing to downstream customers, HPCL said.
The agreement underscores the deepening ties between India and the UAE, emphasizing the role of LNG in supporting India’s energy transition, the company added.HPCL shares were trading 0.92% lower at ₹400.1 apiece at 9.45 am on Monday. The stock has declined 10% in the past month.
As per the HOA terms, HPCL said it will receive LNG at the recently-commissioned Chhara LNG terminal in Gujarat to meet the demand of its refineries, city gas distribution network and for marketing to downstream customers, HPCL said.
The agreement underscores the deepening ties between India and the UAE, emphasizing the role of LNG in supporting India’s energy transition, the company added.HPCL shares were trading 0.92% lower at ₹400.1 apiece at 9.45 am on Monday. The stock has declined 10% in the past month.
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