New Delhi, Feb 06: Petronet LNG Limited’s(PLL’s)made a press release dated 06.02.2024 informing about the execution and renewal of 7.5 MMTPA LNG long term contract between PLL and QatarEnergy. IndianOil hold 12.5% equity share in PLL. The contract of 7.5 MMTPA is renewal of contract signed between PLL and Qatar Energy in 1999, from which IndianOil has been offtaking 30% share i.e. 2.25 MMTPA from the beginning. Continuing with same arrangement, IndianOil would off-take it’s 30% share (i.e. ~2.25 MMTPA) of the volumes from PLL in the renewed long-term contract substantially on back to back basis.
The exact mechanism and arrangements for off taking the subject volume are under discussions between PLL and IndianOil.
Petronet LNG is a prominent entity in India’s gas sector and established as a Joint Venture Company (JVC) of leading 4 Oil & Gas PSUs viz. Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation Limited (IOCL), GAIL (India) Limited (GAIL) and Bharat Petroleum Corporation Limited (BPCL), collectively holding 50% shareholding. Petronet LNG Limited has set up the country’s first LNG receiving and regasification terminal at Dahej, Gujarat with present nominal capacity of 17.5 MMTPA and another terminal at Kochi, Kerala having a nominal capacity of 5 MMTPA.
IndianOil, a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources. IndianOil is the largest refiner of the country and has the largest petroleum marketing and distribution network in the country. IndianOil has established itself as one of the leading player in gas marketing, alternate energy and petrochemical in short span of time.
