India’s Petronet has become the largest RasGas customer with an additional 2.5mn-tonne-a-year LNG supply having commenced under a long-term sale and purchase contract between the two companies.

The long-term deal between RasGas and Petronet has now reached 7.5mn
tonnes per year (tpy) of liquefied natural gas. It also positions Qatar
as the ‘anchor long-term supplier’ to one of the world’s
fastest-growing markets for LNG.

The India-bound cargo was ‘successfully loaded’ on to Petronet’s
newly-built 154,800-cubic-metre LNG carrier ‘Aseem’ at Ras Laffan Port
yesterday.

The first shipment will reach Petronet’s regasification terminal at Dahej in Gujarat State within a few days.?

With the commencement of these additional volumes, also known as
Tranche ‘A’, India’s long-term LNG import from RasGas will represent
approximately 10% of Qatar’s planned yearly LNG output of 77mn tpy.

RasGas supplies to India’s Petronet began with an annual supply of 5mn tonnes.

RasGas managing director and CEO, Hamad Rashid al-Mohannadi said:
“RasGas is pleased to commence deliveries of these additional volumes
to Petronet, which demonstrates our firm commitment to supply India
with clean and efficient energy from natural gas produced in Qatar.

“More importantly, this development also represents a significant
milestone as Petronet is now officially largest customer of RasGas”.

Petronet managing director Prosad Dasgupta said: “Petronet could
achieve this milestone primarily because of the unstinted support of
RasGas during Petronet’s initial formative years.

Amitava Sengupta, Petronet director (finance and commercial) said:
“This additional volume will go a long way in strengthening the
relationship between India and Qatar. Petronet hopes to continue to be
the largest RasGas customer with the expansion of our company’s LNG
receiving terminals.”

The RasGas-Petronet relationship began in July 1999, when Qatar’s LNG
major signed a long-term sales and purchase agreement (SPA) to supply
5mn tpy to India’s first operational LNG terminal at Dahej.

Subsequently, in August 2006, the two partners amended the existing LNG
sales and purchase agreement to implement the sale of an additional
volume of 2.5mn tpy, which brought the total contracted volume to 7.5mn
tpy.

With more than 1.1bn people, India is currently the world’s second most
populous country. Its population crossed the 1bn mark in 2000. And by
2030 India’s population is expected to exceed 1.53bn.

RasGas said: “As India’s population grows and economy rapidly expands,
so do its energy needs. To fuel these needs the Indian government is
overseeing a large expansion of the country’s energy infrastructure
which helps make India one of the fastest-growing markets for LNG.

Qatar, which has the world’s third largest natural gas reserves –
estimated at 900tn cubic feet, looks set to become the anchor supplier
of long term LNG to India.”

Source: GulfTimes

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