Petronet set to sign long-term LNG deal with Qatar

New Delhi: State-run Petronet LNG is expected to sign a long-term contract with Qatar for the supply of 7.5 million tonnes of liquefied natural gas (LNG) a year to India for at least 10 years, said two people in the know. Petronet already has a long-term gas contract with Qatar that ends in 2028.

The move is aimed at ensuring India’s energy security and enhancing the share of natural gas in the country’s energy basket from 6% to 15% by 2030. The agreement is expected to be signed at the 2nd edition of India Energy Week, which starts on Tuesday. Queries sent to Petronet LNG were not immediately unanswered.

For the December quarter, the state-run company reported a net profit of ₹1,191 crore, against 1,181 crore in the corresponding quarter of the previous fiscal. Petronet LNG attributed the rise in profits to higher capacity utilisation (17.5 million tonnes a year) at its import terminal at Dahej.

During the December quarter, the Dahej terminal processed 218 trillion British thermal units (TBTU) of LNG as against 154 TBTU during the same quarter a year ago, and 210 TBTU in the September quarter.

At 10.03 am the company’s stock was trading at ₹280.50 on the BSE, up 2.48% from its previous close.

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