NEW DELHI, April 25 India's Petronet LNG
has signed an initial agreement with Houston-based
United LNG to annually buy 4 million tonnes of liquefied natural
gas (LNG), R. K. Garg, the Indian company's head of finance,
said on Thursday.
The preliminary deal with United LNG was signed two days
back and is expected to be finalised by the end of this year,
"If everything goes well supplies from United LNG will begin
in 2018. We hope to finalise commercial terms and sign SPA (sale
purchase agreement) by the end of this year," he told Reuters.
Petronet, the country's biggest gas importer and partly
owned by state-run GAIL India, Indian Oil Corp
and Bharat Petroleum Corp, operates a 10
million tonnes a year LNG terminal at Dahej in western India.
It is also building a 5-million-tonne-per-year terminal in
the southern Indian city of Kochi.
India, the world's fourth-largest oil importer, has been
scouting for oil and gas assets abroad to meet rising local
demand and to feed its expanding refining capacity.