Petronet Not Seeking Additional Qatar LNG Under Deal Renewal

By Nidhi Verma
Monday, October 30, 2023

India's top gas importer Petronet LNG is not seeking additional volumes when it renews its long-term liquefied natural gas (LNG) deal with Qatar, its head of finance V. K Mishra said on Monday on an analyst call.

Petronet has a 7.5-million metric ton per year (tpy) long-term LNG import deal with Qatar and its promoters Indian Oil Corp, Bharat Petroleum Corp and GAIL (India) Ltd has a 1 million tpy deal, Mishra said.

Petronet previously said that it would seek up to 1 million tons per annum of additional LNG when it renews its deal.

"We are going for renewal of the contract. Renewal means it will be of same quantity," Mishra said, without elaborating.

Indian companies have until the end of this year to negotiate with Qatar for renewal of the deals to beyond 2028.

Qatar, the world's top LNG exporter, aims to expand its liquefaction capacity to 126 million tpy by 2027 from 77 million and recently signed long-term deals with European majors Shell, TotalEnergies and ENI.

It has also signed long-term gas deals with China's Sinopec, China National Petroleum Corp and Bangladesh.

The CEO of Petronet LNG earlier in the day said he hoped negotiations between India and Qatar to extend their LNG import deals beyond 2028 would not be harmed by a diplomatic row between the countries.

The government in New Delhi said last week it was "deeply shocked" by a decision by a Qatar court to impose the death penalty on eight Indians arrested in the country last year, on charges that have not been made public.

Petronet LNG CEO A. K. Singh said, "We are in business. It (the diplomatic row) will be handled at the highest level of the country... we hope this does not have any impact on business relations."


(Reuters - Reporting by Nidhi Verma; Editing by Jan Harvey and Emelia Sithole-Matarise)

Categories: LNG Natural Gas

Related Stories

Hormuz Reopening Could Trigger OPEC’s Next Big Challenge

Petronas Signs 20-Year LNG Supply Deal with Japan's JERA

Ichthys LNG Strike Intensifies as Union Talks with Inpex Collapse

Ichthys LNG Strike Causes Delay to Taiwan-Bound Cargo

Inpex Faces Threat of Broad LNG Loading Ban as AU Labour Dispute Deepens

Oil Jumps Over 3% After US-Iran Exchange Attacks

Eni Inks Long-Term Indonesia LNG Supply Agreements

ADNOC Drilling Finalizes MB Petroleum JV, Expands Regional Fleet

Indonesia’s Mako Gas Project on Track for First Gas in 2027

Valeura Charters Shelf Drilling’s Jack-Up Rig for Gulf of Thailand Ops

Current News

TGS Books 3D Streamer Seismic Job in Africa and Middle East region

Hormuz Reopening Could Trigger OPEC’s Next Big Challenge

EnQuest to Buy Malaysia Offshore Interests in $833M Deal

Oil Holds Steady as Markets Assess Renewed US-Iran Hostilities

ADNOC Looks to Canada for Upstream and LNG Growth Through XRG

Petronas Signs 20-Year LNG Supply Deal with Japan's JERA

Oil Prices Slide as Israel-Iran Suspend Strikes

Ichthys LNG Strike Intensifies as Union Talks with Inpex Collapse

Oil Shoots Over $4 as Israel Expands Strikes Against Iran and Lebanon

Eni and Petronas Launch Southeast Asia Gas Joint Venture Searah

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com