Liquefied Natural Gas Petronet Signs MoU with Gazprom
Under the agreement, the Russian gas giant will provide liquefied natural gas (LNG) for Petronet in India. Officials state the MoU to be beginning of a mutually beneficial relation between the two companies.
Petronet and Russian gas company Gazprom, through its Singapore affiliate, Gazprom Marketing and Trading Singapore (GM&TS), have concluded an Memorandum of Understanding for the long term supply of liquified natural gas (LNG) in India. Under the terms of the agreement, Petronet will receive up to 2.5 million tons of LNG per annum from GM&TS’ international supply portfolio for up to 25 years. As per GM&TS sources, India is one of its key markets for LNG supplies.
“This MoU is a key step in diversifying our LNG supply portfolio and this relation will go long way in developing mutually beneficial relation between the two companies,“ said A. K. Balyan, Managing Director and CEO of Petronet.