Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. India
  4. NSE India Stock Exchange
  5. Petronet LNG Limited
  6. News
  7. Summary
    PETRONET   INE347G01014

PETRONET LNG LIMITED

(PETRONET)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

India to seek higher volume, better price for Qatar LNG deal renewal

11/10/2021 | 07:24am EST

NEW DELHI (Reuters) - India's top gas importer Petronet LNG will seek higher volumes at better prices from Qatar Gas during negotiations for an extension of its long-term liquefied natural gas (LNG) deal beyond 2028, its head of finance said on Wednesday.

Petronet and Qatar Gas need to negotiate the extension of their current deal for 7.5 million tonnes per annum (mtpa) of LNG by the end of 2023.

"We are trying to extend the contract beyond 2028, we are making all efforts to renegotiate and perhaps expand that contract," Vinod Kumar Mishra told an analyst call after the Petronet announced quarterly earnings.

He said any extension of the deal would be based on recent contracts signed by Qatar Gas with China https://www.reuters.com/article/us-china-gas-sinopec-qatar-idUSKBN25V1GA, Bangladesh and Pakistan, where gas prices are linked to a slope of about 10.2% of the Brent crude price on a delivered ex-ship basis.

In contrast, India's LNG deal with Qatar is based on a slope of about 12.7% of the three-month average Brent price.

Gas demand in India is set to surge as the nation wants to raise the share of the cleaner fuel in its energy mix to 15% by 2030 from the current 6%.

Mishra said in the current scenario buying gas under long term contracts is the best bet. Gas under such deals is costing Petronet about $10.2 per million British thermal units (mmBTu), compared to spot prices of about $30/mmBTU.

"If you need gas on a regular basis, permanent basis you cannnot rely on spot or short term cargoes....definitely we will be making efforts to enhance the contract from 7.5 mtpa," he said.

Earlier in the day Petronet's chief executive A K Singh said that the power sector has curtailed the use of gas due to higher prices and its Dahej LNG plant operated at lower capacity during September quarter.

He also said Petronet would consider investing in liquefaction facilities and upstream gas projects if the deals make commercial sense.

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

By Nidhi Verma


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PETRONET LNG LIMITED 2.31% 216.9 Delayed Quote.-2.03%
QATAR GAS TRANSPORT COMPANY LIMITED (NAKILAT) (QPSC) -0.58% 3.599 End-of-day quote.9.06%
All news about PETRONET LNG LIMITED
01/15Petronet LNG Limited Announces Board Appointments
CI
01/04Petronet LNG Limited Announces Cessation of Shri Subhash Kumar as Nominee Director
CI
2021Petronet LNG Limited Announces Change Among Directors
CI
2021PETRONET LNG LIMITED : Ex-dividend day for extraordinary dividend
FA
2021India asks ONGC to consider selling 60% stake in key oil, gas fields- source
RE
2021India's plans for 20% ethanol-blending will cut sugar subsidy - oil secretary
RE
2021India to seek higher volume, better price for Qatar LNG deal renewal
RE
2021Petronet LNG's Net Profit Drops in Fiscal Q2; EPS, Revenue Beat Estimates
MT
2021Petronet LNG Limited Reports Earnings Results for the Second Quarter and Six Months End..
CI
2021Petronet LNG Limited Declares Special Interim Dividend for the Financial Year 2021-22, ..
CI
More news
Analyst Recommendations on PETRONET LNG LIMITED
More recommendations
Financials
Sales 2022 396 B 5 275 M 5 275 M
Net income 2022 29 193 M 389 M 389 M
Net cash 2022 53 240 M 709 M 709 M
P/E ratio 2022 10,9x
Yield 2022 5,67%
Capitalization 318 B 4 227 M 4 233 M
EV / Sales 2022 0,67x
EV / Sales 2023 0,62x
Nbr of Employees 529
Free-Float 49,9%
Chart PETRONET LNG LIMITED
Duration : Period :
Petronet LNG Limited Technical Analysis Chart | PETRONET | INE347G01014 | MarketScreener
Technical analysis trends PETRONET LNG LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Mean consensus -
Number of Analysts 0
Last Close Price 212,00 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Akshay Kumar Singh Chief Executive Officer, MD & Director
Vinod Kumar Mishra Finance Director & Director
Pankaj Jain Chairman
Pramod Narang Director & Technical Director
Sanjay Kumar Vice President-Operations
Sector and Competitors
1st jan.Capi. (M$)
PETRONET LNG LIMITED-2.03%4 227
EXXON MOBIL CORPORATION22.77%314 004
CHEVRON CORPORATION15.36%255 785
RELIANCE INDUSTRIES LTD0.22%201 412
BP PLC18.76%104 369
CHINA PETROLEUM & CHEMICAL CORPORATION11.85%77 554