Capitalstars Updates: Petronet LNG to buy 1.2 mtpa more LNG from Gorgon project: 16 Dec 2017

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The company has agreed to purchase an additional quantity of 1.20 MMTPA of LNG from an affiliate of LNG Supplier for the Indian markets for a period of 15 years with the targeted commencement of supply at a later date.

Petronet LNG has executed the relevant agreements to record the revised commercial understanding on the agreement for the purchase of 1.44 MTPA of LNG from Mobil Australia Resources Company (LNG Supplier), an affiliate of Exxon Mobil Company from Gorgon project.

Binding agreements have been executed which have, inter alia, effectively reduced the level of oil indexation under the agreement to reflect proximity to the prevailing oil prices and the agreement has been converted from a FOB to a Delivered basis.

The LNG vessel, Prachi, on long-term time charter with PLL has now been novated to an affiliate of the LNG Supplier to give effect to this revised understanding. Consequently, Petronet has made similar adjustments to its existing Gas Sale and Purchase Agreements with its intermediate off-takers GAIL, IOCL, and BPCL.

Besides the above company has also agreed to purchase an additional quantity of 1.20 MMTPA of LNG from an affiliate of LNG Supplier for the Indian markets for a period of 15 years with the targeted commencement of supply at a later date.

These volumes have been committed for onward sales to GAIL (India) Ltd, Indian Oil Corporation Limited, and Bharat Petroleum Corporation Ltd.

The stock ended at Rs247.95, down by Rs0.7 or 0.28% from its previous closing of Rs248.65 on the BSE. The scrip opened at Rs250.05 and touched a high and low of Rs253.4 and Rs246.1 respectively.

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