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

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

VIDEO: AIRCAT Crewliner takes Shape to Service Offshore for TotalEnergies Angola

Kuwaiti Oil and Gas Firm Exploring More Opportunities in Indonesia's Natuna Sea

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

Harbour Energy, Mubadala Sign Deals for Central Andaman Block Off Indonesia

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Valeura Boosts Production at Jasmine Field with Five New Wells Now Onstream

Saipem Gets $1B Job at BP’s Indonesian Gas and CCUS Project

Current News

Marine Masters Secures Wellhead Platforms Installation Job Off India

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Eni, Petronas to Set Up Joint Venture for Assets in Indonesia and Malaysia

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Petronas Inks Two More PSCs for Bid Round 2024, Launches Round 2025

CNOOC Brings Online Second Phase of Luda Oil Field Project in Bohai Sea

Japan's Japex Shifts Back to Oil and Gas Investments

Tokyo Gas Enters LNG Market in Philippines

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