Breaking News

You are here » Indian-Commodity  :  Corporate  :  Petronet executes revised commercial understanding for purchase of LNG from Mobil Australia

16-Dec2017

Petronet executes revised commercial understanding for purchase of LNG from Mobil Australia

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

Binding agreements have been executed which have 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 an 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 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 targeted commencement of supply at a later date. These volumes have been committed for onward sales to GAIL (India), Indian Oil Corporation and Bharat Petroleum Corporation.

Petronet LNG is engaged in sale of re-gasified liquefied natural gas (RLNG). The company is engaged in the import and re-gasification of liquefied natural gas (LNG). The company operates through the segment of natural gas business.


Related News

View all news

TCS iON enters into strategic business partnership with The Training Room

Tata Consultancy Services' (TCS) strategic business unit TCS iON has entered into a strategic business partnership with The Training Room, a leading UK provider of technical training courses and careers......

IGL plans to add 60 CNG stations, give 2 lakh connections in FY19

Indraprastha Gas (IGL) is planning to add a record 60 CNG dispensing stations and give piped cooking gas connections to at least 2 lakh households this fiscal as it steps up efforts to achieve the government's......

RCF to begin work on coal gasification based fertilizer plant at Talcher: Report

Rashtriya Chemicals and Fertilizers (RCF) will reportedly commence work on the coal gasification based fertilizer plant at Talcher in state of Odisha. The company has got approval for equity investment......

Top News

View all news

TCS iON enters into strategic business partnership with The Training Room

Tata Consultancy Services' (TCS) strategic business unit TCS iON has entered into a strategic business partnership with The Training Room, a leading UK provider of technical training courses and careers......

IGL plans to add 60 CNG stations, give 2 lakh connections in FY19

Indraprastha Gas (IGL) is planning to add a record 60 CNG dispensing stations and give piped cooking gas connections to at least 2 lakh households this fiscal as it steps up efforts to achieve the government's......

RCF to begin work on coal gasification based fertilizer plant at Talcher: Report

Rashtriya Chemicals and Fertilizers (RCF) will reportedly commence work on the coal gasification based fertilizer plant at Talcher in state of Odisha. The company has got approval for equity investment......