Petronet LNG Limited, a joint venture of Bharat Petroleum Corporation Limited with equity participation from four O&G PSUs.
PLL, a JV company with equity participation from four O&G PSUs, secures 7.5 MMTPA LNG for India's energy security.
New Delhi, February 07, 2024: A joint venture of Bharat Petroleum Corporation Limited (BPCL), Petronet LNG Limited (PLL), a LNG terminal-owning company, has concluded and executed a Long-term LNG Sale & Purchase Agreement (LNG SPA) with Qatar Energy for the purchase of approximately 7.5 MMTPA Liquified Natural Gas (LNG) on a long-term basis today. PLL is a joint venture company with equity participation from four Oil & Gas Maharatna Public Sector undertakings — Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation Limited (IOCL), and BPCL, each holding equity share of 12.50%, collectively totaling 50%.
LNG SPA is a renewal of the existing agreement signed on 31st July 1999, which was set to expire in April 2028. The new agreement entails deliveries commencing from May 2028 for duration of 20 years with supplies on a delivered basis.
In line with the earlier agreement from 1999, the volumes under the new LNG SPA will be taken by GAIL (60%), IOCL (30%), and BPCL (10%) primarily from PLL's Dahej Terminal on a substantially back-to-back basis.
The existing long-term agreement between PLL & Qatar Energy today accounts for around 35% of India's LNG imports as of 6th February, 2024. We hope that the renewal of this agreement is a step in achieving the vision of the Hon'ble Prime Minister of India to increase the share of natural gas in India's energy basket to 15% by year 2030. This agreement aims to provide energy security and ensure stable & reliable supply of clean energy and help India in its stride towards greater economic development.
__________________________________________________________________________________________________
For a deeper dive into the dynamic world of Industrial Automation and Robotic Process Automation (RPA), explore our comprehensive collection of articles and news covering cutting-edge technologies, robotics, PLC programming, SCADA systems, and the latest advancements in the Industrial Automation realm. Uncover valuable insights and stay abreast of industry trends by delving into the rest of our articles on Industrial Automation and RPA at www.industrialautomationindia.in