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Petronet LNG Ltd has signed a memorandum of understanding with marketing arm of Russia's Gazprom Global LNG to buy about 2.5 million tonne per annum of liquefied natural gas for up to 25 years.
In a statement issued here on Wednesday, PLL said the MoU was signed with Gazprom, through its Singapore affiliate, Gazprom Marketing and Trading Singapore (GM&TS), a 100 per cent subsidiary of Gazprom Marketing & Trading, for long-term supply of LNG. This is a preliminary understanding between the two companies. Deliberations on pricing will start subsequently.
GM&TS sees India as one of its key markets for LNG supplies, which also include Japan and other North Asian countries, as it continues to strengthen its presence and operations in Asia-Pacific, the statement said.
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