India's Petronet Tweaks RasGas Deal
India’s biggest LNG importer, Petronet LNG, has tweaked the LNG supply agreement it signed with Qatar’s RasGas in 2015.
In December 2015, Petronet had entered into a binding sale and purchase agreement with RasGas for supply of an additional 1mn mt/yr of LNG for onward sale to four state-owned firms – Indian Oil, Bharat Petroleum, Gail and GSPC. Under the original contract signed in 1999, Petronet was buying 7.5mn mt/yr from RaGas.
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With the reworking of the 2015 deal, Petronet will no longer buy the additional 1mn mt/yr of LNG. The four companies will directly deal with RasGas.
“At the request of the above four entities, the contract has been restructured by having direct arrangement between the LNG supplier and the Indian entities w.e.f. 1st January 2019 wherein Petronet will now continue to provide the storage, receiving and regasification services for the above-mentioned contract but will not be the buyer of LNG,” it said in a stock exchange filing submitted December 21.
Petronet operates two LNG receiving terminals in India at Dahej and Kochi.