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Petronet LNG set to cancel 10 year LNG import tender

Friday, 24 Jul 2020

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Petronet LNG is set to cancel its offer to buy an annual one million tonne of liquefied natural gas (LNG) for 10 years as signing long-term contracts are not attractive in the current scenario.

India is scouting for cheap gas for price-sensitive consumers as Prime Minister Narendra Modi wants to raise the share of natural gas in the national energy mix to 15 percent by 2030 from the current 6.2 percent to reduce pollution.

Earlier in 2020, Petronet LNG invited bids to buy LNG with pricing linked to Henry Hub natural gas futures in the United States and Dutch TTF gas futures and shipped on a delivered ex-ship basis.

The company was close to finalising the deal with prices near to spot markets. It is renegotiating pricing under long-term deals with Qatargas after spot prices declined.

Petronet has deals to annually buy 7.5 million tonne of LNG from Qatar.

GAIL and Italy's ENI were the only two companies that qualified for Petronet LNG's long term LNG tender. In June 2020, 13 companies had submitted bid for the tender.