Petronet LNG and GDF SUEZ conclude a 0.6 million tons of LNG contract

abarrelfullabarrelfull wrote on 14 Nov 2011 13:07
Tags: gdf-suez india lng petronet

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GDF SUEZ and Petronet LNG Limited have just signed an agreement extending along 2012 under which GDF SUEZ will sell Petronet about 0.6 million tons (nine cargoes) of liquefied natural gas (LNG). The cargoes will be from sources within GDF SUEZ’ LNG portfolio and will be delivered to Petronet’s Dahej LNG terminal in India.

Dr. A. K. Balyan, Managing Director of Petronet LNG Limited said «Signing of this short term deal with GDF SUEZ would help in minimizing the gas shortage the country is facing due to lower domestic gas production.»

Jean-Marie Dauger, Executive Vice-President of GDF SUEZ in charge of the Global Gas & LNG business line said «We are very pleased to extend our close co‐operation with Petronet through this agreement. GDF SUEZ considers Asia and especially India as a core development region for its LNG business, with strong growth prospects and new supply potential.»

Petronet is the largest importer of LNG in India. It owns and operates the main Indian LNG terminal in Dahej (Gujarat) currently operating above its name plate capacity. This new agreement confirms Petronet’s objective to become a key energy provider to India. Petronet is building a second LNG terminal in Kochi (Kerala) which will have 5 MTPA capacity, to be completed by the end of 2012. Since 1997, GDF SUEZ has also been a strategic partner of Petronet, a company in which it holds a 10% stake.

Since September 2010, GDF SUEZ concluded four LNG sales agreements with major energy players in Asia. Between 2010 and 2016, GDF SUEZ will deliver up to 136 cargoes (about 8.2 MT) to Kogas, CNOOC, Petronas and Petronet. Thanks to the flexibility of its natural gas portfolio, GDF SUEZ is one of the few European utilities able to direct LNG volumes to the Asian market in response to its increasing LNG demand. The GDF SUEZ Singapore office recent opening was as well an important step to strengthen the Group long-term commitment in the Asia Pacific region.

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