Petronet to stop buying spot cargoes as Gorgon LNG deliveries start

Petronet to stop buying spot cargoes as Gorgon LNG deliveries start

Petronet LNG, India’s largest importer of liquefied natural gas, plans to abandon spot cargo purchases in the fiscal year 2018.

The company will start receiving cargoes under its long-term supply contract with ExxonMobil from the Chevron-operated Gorgon LNG project in Australia, Reuters reports citing Petronet LNG’s CEO, Prabhat Singh.

The first cargo from the Gorgon LNG project has been delivered in January, Singh said, adding that it was priced below the current spot prices.

Also commenting on the deliveries from the Gorgon LNG project, Petronet’s chief financial officer R.K Garg, said the second cargo from the $54 billion project located on Barrow Island is expected to arrive in March.

Under its contract with ExxonMobil, Petronet is scheduled to receive 1.5 million tons of LNG per year from the Gorgon project for a period of 20 years. R.K Garg noted that this translates to 18 cargoes per year in larger vessels.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Houston / Feb 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >