Goa: In a significant move for India’s energy security, Bharat Petroleum Corporation Limited (BPCL), through its joint venture with Petronet LNG Limited (PLL), has renewed a 20-year partnership with Qatar Energy.
“Petronet LNG Secures Long-Term Deal with QatarEnergy for 7.5 MMTPA LNG”
The Long-term LNG Sale & Purchase Agreement secures approximately 7.5 MMTPA of Liquified Natural Gas (LNG) for India. PLL, a joint venture with equity from Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation Limited (IOCL), and BPCL, is a key player in this deal, with GAIL taking 60%, IOCL 30%, and BPCL 10% of the off-take. The agreement, a renewal of the 1999 deal, contributes to 35% of India’s LNG imports as of February 6, 2024, aligning with the vision to increase the share of natural gas in India’s energy basket to 15% by 2030.
This strategic move enhances India’s energy stability and aligns with the nation’s economic development goals.
