QatarEnergy, Petronet sign India LNG deal

By Energy Connects

Feb 06, 2024

The document was signed by Akshay Kumar Singh, the Managing Director & CEO of Petronet LNG Limited and Abdulla Ahmad Al-Hussaini, QatarEnergy’s Executive Vice President for Marketing.

QatarEnergy announced that it has entered into a 20-year LNG Sale and Purchase Agreement (SPA) with Petronet LNG Limited for the supply of 7.5 million tons per annum (MTPA) of LNG destined to the Republic of India.

In a statement, QatarEnergy said that the contracted LNG volumes from Qatar will be delivered ex-ship to terminals across India onboard the company's LNG fleet starting May 2028.

The signing of the SPA was conducted at India Energy Week (IEW) hosted in Goa, India. Present at the signing was His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and His Excellency Hardeep Singh Puri, the Minister of Petroleum & Natural Gas, and Housing & Urban Affairs in the Republic of India. In attendance as well was, Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas and Chairman of Petronet LNG, Sandeep Kumar Gupta, the Chairman and Managing Director of GAIL (India) Limited, Shrikant Madhav Vaidya, the Chairman of Indian Oil Corporation, and Krishnakumar Gopalan, the Chairman and Managing Director of Bharat Petroleum Corporation Limited.

In remarks welcoming the successful conclusion of the important SPA, His Excellency Saad Sherida Al-Kaabi said: “This agreement is another key milestone in the long-standing energy partnership between Qatar and India and comes on the heels of the 20th anniversary of the first LNG shipment to India.”

His Excellency Minister Al-Kaabi added: “We believe that this new agreement, with our valued customers Petronet LNG and its esteemed shareholder companies, will further strengthen the relationship with India and support its vision to increase the contribution of natural gas in its energy mix.”

Petronet first entered into an agreement for the supply of LNG from Qatar in 1999 for the delivery of 7.5 MTPA. It was followed in 2015 by another agreement for the supply of an additional 1 MTPA of LNG, raising the total annual long-term volumes contracted between the two sides to 8.5 MTPA.