September 11, 2017 / 5:56 AM / 3 months ago

India Petronet set to buy extra 1 mln T Australian LNG from Exxon - sources

NEW DELHI, Sept 11 (Reuters) - India’s Petronet LNG has agreed to buy an additional one million tonnes of liquefied natural gas (LNG) from ExxonMobil’s share of the Gorgon project in Australia, two sources said on Monday, after the global giant eased the terms of a previous deal.

Petronet will buy the LNG on delivered basis with a price equivalent to about 12.5 percent of Brent oil prices, the sources said. The deal for additional volumes is yet to be signed.

Indian Oil minister Dharmendra Pradhan said on Saturday that Petronet has been able to renegotiate a contract agreed in 2009 for around 1.5 million tonnes a year of LNG from ExxonMobil’s share of the Gorgon LNG project in Australia.

Petronet did not immediately respond to a request for comment. (Reporting by Nidhi Verma; Editing by Sanjeev Miglani)

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