New Delhi: Petronet will sign an agreement with Qatar Energy to secure 7.5 million metric tons per year of liquefied natural gas (LNG) supplies post-2028.
The signing is scheduled on the sidelines of the India Energy Week 2024 in Goa, an official said.
This deal aims to support India’s strategy to increase the natural gas share in its energy mix to 15% by 2030, up from 6.2%, aligning with efforts to reduce emissions and promote growth.
India Energy Week 2024, with participants from 120 countries, will focus on energy transition, development of energy stacks, and alternative fuels.
The event, as per the union ministry of petroleum and natural gas, expects over 35,000 attendees, more than 350 exhibitors, over 400 speakers, and around 4,000 delegates.
Currently, Petronet has a 7.5-million metric ton per year LNG import deal with Qatar, supported by promoters Indian Oil Corp, Bharat Petroleum Corp, and GAIL (India) Ltd, who hold a 1 million tpy agreement.
Qatar plans to increase its liquefaction capacity to 126 million tpy by 2027, up from 77 million, and has agreements with Shell, TotalEnergies, and ENI.
“The agreement between Petronet LNG and Qatar Energy marks a step in energy partnership between India and Qatar, contributing to India’s energy diversification and emission reduction objectives,” said an expert.
