The pact is to provide LNG in India
Petronas has entered into a first term agreement, according to which, it will supply liquefied natural gas (LNG) in India. A sale and purchase agreement to supply LNG to H-Energy Mideast DMCC (HEMD) has also been signed, although, the value of the deal and the volume of LNG has not been disclosed.
HEMD, which is Dubai-based, is part of the LNG arm of Indian real estate group Hiranandani Group. India will require a huge increase in imports and the construction of more LNG terminals, as it looks to push to more than double the share of natural gas in its energy mix to 15 percent by 2022.
India would need to import more than China took last year via both pipelines and tankers to meet the 70 million-tonnes-a-year target and it would put Indian purchases close to the level of top importer Japan. The world’s third-biggest LNG supplier, Petronas, has been trying to tap new markets for LNG at a time when global supply has exceeded demand. PWKD27022018