Petronet LNG inks cooperation deal with Oil India

India’s largest importer of liquefied natural gas, Petronet LNG, has signed a deal with state-run producer Oil India to cooperate in various fields.

Both Petronet and OIL announced the signing of the memorandum of understanding via social media on Wednesday.

Under the deal, Petronet said the two firms would explore “the business opportunities in the field of monetization of isolated and stranded gas fields through LNG/CNG route, CBM, green hydrogen, and CBG.”

The company did not provide additional information.

Petronet operates the 17.5 mtpa Dahej terminal and the 5 mtpa Kochi plant on the west coast of India.

The firm is also working on the Gopalpur FSRU-based import facility in Odisha as it looks to establish its presence on the eastern coast of the country.

Petronet recently said it expects India’s LNG imports to increase in the first quarter of this year due to lower spot prices.

India’s LNG imports dropped last year due to mostly high spot prices and Petronet’s terminals logged lower utilization rates in the fourth quarter.

However, spot prices have considerably dropped during the last two months due to mild weather in Europe and full storages.

The JKM LNG price for March settled at $22.115 per mmBtu on Tuesday.

- Advertisements -

Most Popular

LNG tanker suffers rudder failure in Suez Canal

NYK's 2021-built LNG carrier Grace Emilia suffered a malfunction of its rudder in the Suez Canal on Wednesday, but...

Samsung Heavy to build LNG carrier duo for about $496 million

South Korean shipbuilding giant Samsung Heavy Industries has won a new order to build two liquefied natural gas (LNG)...

RWE says Brunsbuettel FSRU to receive first LNG carrier in early February

The 170,000-cbm FSRU Hoegh Gannet, which serves the Elbehafen LNG import terminal in Germany's Brunsbuettel, will receive its first...

More News Like This

Petronet expects India’s LNG imports to rise due to lower prices

Petronet LNG is expecting India's LNG imports to increase in the first quarter of this year due to lower...

India reports lower LNG imports in December

India’s liquefied natural gas (LNG) imports decreased by 11.5 percent in December while the import bill rose by 19...

India reports lower LNG imports in November

India’s liquefied natural gas (LNG) imports decreased by 5.9 percent in November while the import bill rose about 33...

India’s Petronet LNG pens term sheet with Gopalpur Ports for FSRU terminal

India’s Petronet LNG has signed a term sheet with Gopalpur Ports for its planned FSRU-based import facility in Odisha,...