Petronet seeks more LNG deals to feed India’s rising need for gas

Petronet LNG Ltd. is looking to sign more long-term liquefied natural gas supply contracts, said Chief Executive Officer Akshay Kumar Singh, as Indian demand for the fuel is slated to expand.

“Wherever we get the better deal, we can go,” Singh told media on the sidelines of the India Energy Week conference.

More supply will be needed to fill Petronet’s expansion at the Dahej import terminal, as well as a new facility the company is setting up on India’s east coast.

For the latest headlines, follow our Google News channel online or via the app.

Petronet on Tuesday renewed a contract to buy 7.5 million tons of LNG annually from Qatar from 2028 for 20 years in one of the largest ever deals for the super-chilled fuel.

India wants to lift the share of natural gas in its energy mix to 15 percent by 2030 from about 6.7 percent at the end of 2023. The move is aimed at reducing reliance on dirtier fossil fuels, such as coal and oil. Indian firms want long-term deals to lock-in supplies at affordable rates, as opposed to depending on the volatile and sometimes prohibitively expensive spot market.

Read more:

India’s Petronet gets cheaper LNG from Qatar in landmark new supply deal

India to keep diversifying oil supply, accelerate energy transition: Oil minister

Indian minister says Russian oil import drop not due to payment-related challenges