Petronet Plans to Get LNG from Russia

India's state owned Petronet LNG in talks with Russia to import about three to four million metric tons of LNG a year.

The Wall Street Journal reports that the move to buy LNG from Arctic LNG from Russia's Gazprom is part of the company's efforts to diversify imports, adding that new shipments won't start until at least 2017.

Company’s Managing Director A.K. Balyan told The Wall Street Journal Thursday that the volume Petronet is seeking to import from Gazprom's Yamal project in northern Russia is equivalent to around 10% of India's current annual demand.

Petronet is also negotiating with the U.S. and some African countries for LNG to offset its reliance on Qatar for imports, Wall Street Journal quoted him as saying. Balyan added that the company plans to double its regasification capacity to 25 million tons a year by March 2017 to make it possible to receive more LNG from Russia, the U.S. and other suppliers.