India’s largest liquified natural gas (LNG) buyer, Petronet, will renew LNG supply contract with Qatar by the end of January, Bloomberg cited India’s Oil Secretary Pankaj Jain, on Wednesday.
Petronet’s 25-year contract with Qatar for 7.5 million tons of LNG a year is supposed to be renewed five years before expiration in 2028. The company’s promoters Indian Oil Corp., Bharat Petroleum Corp., and GAIL (India) have also a one million metric per year (tpy) deal.
In November, Qatar’s Minister of Energy Affairs Saad Sherida Al-Kaabi said that the country will increase its LNG production capacity by 64 per cent to reach 126 million tpy by 2027, up from 77 million.