Under the current contract, India’s leading gas importer buys 7.5mtpa of LNG from Qatar.
The company’s promoters, Indian Oil, Bharat Petroleum and GAIL (India), collectively hold an additional 1mtpa agreement.
Indian energy companies had until the end of 2023 to negotiate the extension of these contracts with Qatar.
In a statement, India’s Oil Secretary, Pankaj Jain, said: “We are pretty close to signing the deal.”
Petronet buys 1.42mtpa of LNG from ExxonMobil from the latter’s Gorgon Australia gas project.
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Currently, Petronet operates two LNG import terminals, with a third being built in Gopalpur, Odisha.
Qatar, a leading LNG exporter, aims to boost its liquefaction capacity from 77mtpa to 126mtpa by 2027.
Furthermore, Qatar has established long-term gas contracts with significant Asian players including China’s Sinopec, China National Petroleum and Bangladesh, marking a strategic expansion of its global energy partnerships.
Under the agreement, which will commence in January 2024, QatarEnergy will supply up to 18 million barrels of Qatar Land and Qatar Marine crude oils to the Shell unit.