Petronet restructures gas supply contract with Qatar's RasGas

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Petronet LNG said on December 21 it will not buy an additional 1 MMTPA of LNG from RasGas of Qatar following the restructuring the supply agreement with the latter.

Petronet LNG Limited in December 2015 announced the signing of a binding sale and purchase agreement with RasGas of Qatar (LNG Supplier) for a supply of an additional 1 MMTP A of LNG for onward sale to IOCL, BPCL, GAIL and GSPC.

At the request of the four entities, the contract has been re-structured by having a direct arrangement between the LNG supplier and the Indian entities with effect from January 1, 2019, Petronet LNG said in a BSE filing.

Petronet will now continue to provide the storage, receiving and re-gasification services for the above-mentioned contract but will not be the buyer of LNG.