Energy hungry India will from November receive additional liquefied natural gas from Qatar raising imports of the fuel to 7.5 million tonnes a year.
Petronet LNG a joint venture of state run IOC, GAIL, ONGC and BPCL, currently imports 5 million tonnes a year of LNG on long term contract from RasGas of Qatar.
Mr Prosad Dasgupta CEO & MD told reporters that “We will start receiving the tranche-II LNG of 2.5 million tonnes a year from November.”
He said that Tranche-A supplies of 5 million tonnes a year began in 2003 and were supplied at a fixed price of USD 2.53 per million British thermal unit for the first five years. The rates have since beginning of 2009 been linked to crude oil prices. Besides, Qatar also supplies 1.25 million tonnes a year of LNG on short-term contract to meet fuel needs of Ratnagiri Gas and Power Pvt Ltd the owner of Dabhol power plant.
He said that the short term contract expires September end adding that Petronet is importing LNG from spot markets to meet growing energy needs.
Mr Dasgupta said that “We imported four spot cargoes in April-June. During the current quarter, we have so far imported four cargoes and will import two more during the remainder of August and September.” He added that “For October and November, we have booked 5 cargoes.''
