GAIL, Petronet revise supply pact
New Delhi : GAIL India Ltd has entered into a binding gas sale and purchase agreement with Petronet LNG Ltd for supply of an additional 0.3 mtpa of regassified liquefied natural gas with effect from Friday.
This additional volume is over and above the existing long-term sale and purchase agreement between GAIL and Petronet LNG, under which GAIL is committed to offtake 4.5 mtpa of LNG. This follows the successful negotiations between Petronet LNG and Qatar’s RasGas, after which the former was able to get RasGas to rework the long-term pricing formula in view of the current low gas price environment.