RasGas-Petronet Media Release Dec 31, 2015

Joint Press Release

RasGas Company Limited, Qatar and Petronet LNG Limited, India are pleased to announce that they have entered into a binding sale and purchase agreement (SPA) for supply of an additional 1 MTA of LNG to India starting in 2016 for onward sale to four Indian entities, i.e. Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., GAIL (India) Ltd. and Gujarat State Petroleum Corporation.

Further, RasGas and Petronet LNG Limited have entered into a binding agreement to adjust some aspects of their existing long term LNG SPA of 7.5 MTA, signed by the parties in 1999, which laid the foundation for the LNG business in India. Such adjustments will protect and preserve the overall value of the contract. As per such agreement, LNG volumes not taken by Petronet from RasGas during 2015 will be taken and paid for by Petronet during the remaining term of the SPA and will maintain its current level of oil indexation with the oil index more closely reflecting the prevailing oil prices.

Commenting on this event, RasGas CEO, Mr. Hamad Mubarak Al-Muhannadi, stated that “these positive developments, including the new SPA, demonstrate the strength of our long term relationship with Petronet and commitment to growing sales into India to meet its expanding clean energy needs”. Petronet CEO, Mr. Prabhat Singh, stated that “these developments highlight both parties confidence in the Indian market and our commitment to LNG as a cleaner, more efficient source of energy”.

RasGas is one of the main suppliers of LNG into India and has been supplying Petronet since 2004. Petronet is the largest importer of LNG into India and is the owner and operator of the country's largest receiving terminal at Dahej and also the Kochi LNG terminal.

Press Release in PDF

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