Petronet LNG enters into binding sale and purchase agreement with RasGas of Qatar

For supply of additional 1MTA of LPG in India

Petronet LNG announced that it has entered into a binding sale and purchase agreement (SPA) with RasGas of Qatar for supply of an additional 1MTA of LNG to India starting in 2016 for onward sale to four Indian entities i.e. Indian Oil Corporation, Bharat Petroleum Corporation, Gail India and Gujarat State Petroleum Corporation.

Meanwhile, RasGas and Petronet LNG have entered into binding agreement to adjust some aspects of its existing long term SPA of 7.5 MTA, signed in 1999, which laid the foundation for the LNG business in India. As per the 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.

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