World News | India's Petronet, Qatar Energy Sign Long-term Contract for LNG Sale, Purchase Agreement
Get latest articles and stories on World at LatestLY. A long-term contract for LNG Sale and Purchase Agreement was signed on Tuesday between India's state-run oil and gas company 'Petronet LNG' and Qatar's 'Qatar Energy'.
Panaji (Goa) [India], February 6 (ANI): A long-term contract for LNG Sale and Purchase Agreement was signed on Tuesday between India's state-run oil and gas company 'Petronet LNG' and Qatar's 'Qatar Energy'.
The agreement was signed between Union Petroleum Minister Hardeep Singh Puri and Qatar Minister of State for Energy Affairs and CEO of Qatar Energy, Saad Sherida Al-Kaabi.
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The agreement will facilitate the purchase of around 7.5 Million Metric Tonnes per Annum (MMTPA) of LNG between the two companies.
Union Minister Puri said the contract will provide momentum to India's journey towards energy self-sufficiency as it aims to increase the share of gas in energy mix from 6 per cent to 15 per cent by 2030.
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"I was very happy to join HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Deputy Chairman and President & CEO @qatarenergy for the signing of a long-term contract for LNG Sale & Purchase Agreement (LNG SPA) for purchase of around 7.5 MMTPA LNG between @PetronetLNGLtd & QatarEnergy today," Puri posted from his official X handle.
He added, "This contract will provide momentum to India's journey towards energy self-sufficiency under the farsighted leadership of PM@narendramodiJi as India is transitioning into a gas-based economy by increasing the share of gas in energy mix from 6% to 15% by 2030."
https://x.com/HardeepSPuri/status/1754828261996232871?s=20
After signing the agreement, the Union Minister said India is looking around the world for collaborations and partnerships in the energy sector.
"Across sectors, we are exploring energy equations, exploration and production. Prime Minister Narendra Modi opened 1 million sq km of no-go area that will take our sedimentary basin under exploration from 8-9 per cent to 15 per cent. We are looking around the world for collaborations and partnerships," Puri told reporters.
Qatar MoS Al-Kaabi said India has a lot of potential for green energy especially under PM Modi's plan of enhancing infrastructure.
"Gas is a very important growth fuel, it is the cleanest fuel and helps in the energy transition plans of the country. We think gas has a lot of potential in India, especially after Prime Minister and honourable minister have put up a plan to promote and enhance the infrastructure. Also, the plan is to increase the percentage of gas in energy mix to 15 per cent," the CEO of Qatar Energy said.
https://x.com/HardeepSPuri/status/1754831151729164780?s=20
Union Minister Puri stated further in a press conference said the 'India energy story' is a part of the global story.
"The India energy story is actually very much part of the global story. The Indian story is a fascinating one for a variety of reasons, unlike some other models that say that capital will respond to return. We are actually carrying out energy transition," Puri said on Tuesday.
He also participated in the Ministerial Panel on 'Ensuring Energy Security for Nations and Industry in VUCA World' with Qatar Mos Al-Kaabi.
During the India Energy Week in Goa, Puri also met Alexander Dyukov, the chairman of Gazprom Neft; Datuk Tengku Muhammad Taufik, the CEO of Petronas and William Lin, EVP, Regions, Corporates and Solutions, BP (energy company). (ANI)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)