Petronet set to buy extra 1 million tonnes Australian LNG from Exxon

The deal for additional volumes is yet to be signed.

Reuters| Last Updated: Sep 11, 2017, 11:38 AM IST
Petronet set to buy extra 1 million tonnes Australian LNG from Exxon

New Delhi: India`s Petronet LNG has agreed to buy an additional one million tonnes of liquefied natural gas (LNG) from ExxonMobil`s share of the Gorgon project in Australia, two sources said on Monday, after the global giant eased the terms of a previous deal.

Petronet will buy the LNG on delivered basis with a price equivalent to about 12.5 percent of Brent oil prices, the sources said. The deal for additional volumes is yet to be signed.

Oil minister Dharmendra Pradhan said on Saturday that Petronet has been able to renegotiate a contract agreed in 2009 for around 1.5 million tonnes a year of LNG from ExxonMobil`s share of the Gorgon LNG project in Australia.

Petronet did not immediately respond to a request for comment.