Petronet executes revised commercial understanding for purchase of LNG from Mobil Australia

16 Dec 2017

Petronet LNG has executed the relevant agreements to record the revised commercial understanding on the agreement for purchase of 1.44 MTPA of LNG from Mobil Australia Resources Company (LNG Supplier), an affiliate of ExxonMobil Company from Gorgon project.

Binding agreements have been executed which have effectively reduced the level of oil indexation under the agreement to reflect proximity to the prevailing oil prices and the agreement has been converted from an FOB to a Delivered basis.

The LNG vessel, Prachi, on long term time charter with PLL has now been novated to an affiliate of the LNG Supplier to give effect to this revised understanding. Consequently, Petronet has made similar adjustments to its existing Gas Sale and Purchase Agreements with its intermediate off-takers GAIL, IOCL and BPCL.

Besides, the company has also agreed to purchase an additional quantity of 1.20 MMTPA of LNG from an affiliate of LNG Supplier for the Indian markets for a period of 15 years with targeted commencement of supply at a later date. These volumes have been committed for onward sales to GAIL (India), Indian Oil Corporation and Bharat Petroleum Corporation.

Petronet LNG is engaged in sale of re-gasified liquefied natural gas (RLNG). The company is engaged in the import and re-gasification of liquefied natural gas (LNG). The company operates through the segment of natural gas business.

Related Petronet LNG Ltd. Links:

Petronet LNG Share Price

278.00 1.70 (0.62%) Nov 15, 18:01
1 Year Price Chart
Peers
Company Name CMP
GAIL India 124.30
Petronet LNG 278.00
Indraprastha Gas 423.20
Linde India 594.20
Confidence Petroleum 26.90
View more..
Sensex vs Petronet LNG
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

Callback

8055769463

8055769463