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.

Most Popular

Venture Global, Petronas seal 20-year LNG SPA

US LNG exporter Venture Global LNG has signed a 20-year LNG supply contract with Malaysian energy giant Petronas for volumes from the CP2 project in Louisiana.

Golden Pass LNG seeks re-export approval

Golden Pass LNG, a joint venture owned by energy giants QatarEnergy and ExxonMobil, is seeking approval from the US DOE to export previously imported LNG from October, as it nears the launch of the first liquefaction train.

TPDC, Energetech Tantel to develop Tanzanian small-scale LNG plant

State-run Tanzania Petroleum Development Corporation has signed a memorandum of understanding with Energetech Tantel to develop what they say is Tanzania's first small-scale LNG plant.

More News Like This

India’s May LNG imports drop

India's liquefied natural gas (LNG) imports dropped by 15.3 percent year-on-year in May, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

Petronet pushes back launch of additional Dahej LNG capacity

India’s largest LNG importer, Petronet LNG, has again pushed back the launch of an additional five mtpa capacity at its Dahej LNG terminal in western Gujarat state.

Petronet LNG logs higher profit, lower volumes

India’s largest LNG importer Petronet LNG, the operator of the Dahej and Kochi regasification terminals, reported higher quarterly profit and lower volumes.

India’s April LNG imports climb

India's liquefied natural gas (LNG) imports rose by 21.3 percent year-on-year in April, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.