New Delhi: India Top Gas Importer Petronet LNG hopes to extend its long-term agreement to buy liquefied natural gas (LNG) from Qatar to exceed 2028, the Head of Finance V K Mishra on Monday.
Petronet has an agreement to buy 7.5 million tons per year (MTPA) LNG from Qatar under the long-term agreement that ended in 2028.
“This is a good contract and maybe we will be able to negotiate with them,” Mishra told an analyst Conference after the company’s June quarter income.
He said negotiations for the extension of the contract and the new terms will begin in 2023.
Gas demand is regulated as the target of Prime Minister Narendra Modi increasing the cleaning fuel part of the country’s energy mixture to 15% by 2030 from the present 6.2%.
Indian companies are investing billions of dollars to build infrastructure including robes and gas import terminals.
Petronet, which operates two LNG import terminals in this country, plans to build third facilities on the east coast.
Mishra said the company was conducting an assessment of gas demand ahead of the placement of construction orders for next year’s project.