Commodities

Petronet explores buying LNG under 10-year contract

Reuters New Delhi/Singapore | Updated on February 26, 2020 Published on February 26, 2020

LNG importer to shortlist 5 suppliers

Petronet LNG , the country’s largest importer of liquefied natural gas (LNG), is looking to buy the super-chilled fuel through a long term contract starting from 2024, according to a document reviewed by Reuters.

It has issued a Request for Information (RFI) indicating an interest to buy about 1 million tonnes per annum (mtpa) of LNG for 10 years starting from 2024, with the possibility to extend, according to the February 19 document.

A request for information is a common practice to ask for written information about the capabilities of various LNG sellers to help them make more informed buying decisions.

Petronet’s Director of Finance Vinod Kumar Mishra declined to comment on the RFI.

Petronet is asking for suppliers to provide information related to the delivery and pricing of cargoes as well as flexibility that the suppliers can provide, including volumes and destination, the document stated.

Suppliers must respond by February 26 and Petronet will shortlist the five most competitive suppliers.

Petronet has appointed consultancy Berkeley Research Group as an advisor, the document said.

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Published on February 26, 2020
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