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India's Petronet to cut spot LNG cargo purchases in FY 18
February 9, 2017 / 9:01 AM / 6 months ago

India's Petronet to cut spot LNG cargo purchases in FY 18

Feb 9 (Reuters) - India's biggest gas importer Petronet LNG will cut spot purchases of liquefied natural gas in the next fiscal year as it is getting supplies under a long-term deal with Exxon Mobil Corp for imports from Australia's Gorgon project, the company's chief executive Prabhat Singh said on Thursday.

The first cargo from Gorgon was received in January and it was cheaper than spot prices, he said.

Separately, Petronet LNG's head of finance, RK Garg, said the second LNG cargo from Gorgon is expected to arrive in March.

The company will receive up to 18 LNG cargos from Gorgon in bigger vessels, he said.

Petronet LNG has a long-term contract with Exxon Mobil to buy about 1.5 million tonnes of super-cooled fuel every year. (Reporting by Nidhi Verma in New Delhi; Editing by Sherry Jacob-Phillips)

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