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OIL & GAS DECODED

Previous edition: 08 Feb 2024
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QATARENERGY SIGNS 20-YEAR LNG DEAL WITH INDIA'S PETRONET

QatarEnergy has signed a 20-year LNG SPA with India's Petronet LNG.

The deal ensures the supply of 7.5mtpa of LNG to India, bolstering the country's
energy security. 

Under the SPA, starting in May 2028, QatarEnergy will deliver the contracted LNG
volumes ex-ship to various terminals in India using its extensive LNG fleet.  

The agreement was signed during India Energy Week in Betul, Goa. It builds on
the long-standing energy partnership between Qatar and India.  

Petronet first secured an LNG supply deal from Qatar in 1999, agreeing to an
annual delivery of 7.5mtpa.  

This was augmented in 2015 with an additional 1mtpa, bringing the total
long-term contracted volume to 8.5mtpa. 

According to a PTI report posted on the Economic Times, the renewed terms offer
a "significantly" lower price compared with the current deal.  

With the prevailing prices, India is expected to save approximately $0.8 per
million British thermal units.  

Over the duration of the contract, this price reduction could result in savings
of around $6bn for India. 

The new SPA between Petronet LNG and QatarEnergy is set to play a pivotal role
in meeting India's energy needs.  

It will ensure a steady supply of regasified LNG to key sectors such as
fertilisers, city gas distribution, refineries, petrochemicals, power and other
industries. 

QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “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 LNG MD & CEO Akshay Kumar Singh said: “The existing long-term agreement
between Petronet LNG and QatarEnergy today accounts for around 35% of India’s
LNG imports and is of national importance.  

“Renewal of this agreement is a step towards achieving vision of Hon’ble Prime
Minister of India to make India a gas-based economy and increase share of
natural gas in India’s primary energy basket to 15% by year 2030.” 






DE-RISKING NATURE: TECH, REGS & NATURE POSITIVE

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NORTH AMERICA LEADS GLOBAL LONG-TERM LNG CONTRACTS SIGNED IN 2023, FINDS
GLOBALDATA

North America leads globally in terms of the number of long-term contracts
signed in 2023 for the export of LNG, with 21 contracts.

Find Out More


IN OUR PREVIOUS EDITION

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07 Feb 2024

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SHELL TO BUILD GAS FACILITY IN NIGERIA TO SUPPLY FERTILISER PLANT

06 Feb 2024

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SANTANDER AND LLOYDS REPORTEDLY HELPED IRANIAN COMPANY AVOID WESTERN SANCTIONS

05 Feb 2024


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