Gazprom has signed a 25-year memorandum of understanding with India’s Petronet LNG to supply to 2.5 million tonnes of liquefied natural gas (LNG) a year to India.
The contract, estimated to be worth $32bn, comes in line with Indian efforts to secure energy supplies for its growing economy.
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Petronet CEO AK Balyan said the company will negotiate pricing, volume and supply timings during discussions planned for next month.
Gazprom will initially supply the LNG from its trading portfolio and, after a few years, from the Shtokman and Yamal projects, according to Reuters.
