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Petronet LNG

India

 

 

 

 

Date: June 2005

Deal: According to an Indian news agency, in June 2005, Iran signed an agreement with Petronet to export 5 million tons per year of LNG to India over a 25 year period starting in late 2009 (The Hindu Business Line, December 17, 2009).

According to the Asia Times, months later Iran cancelled the deal after India voted against Iran in the IAEA and then called for renegotiations demanding India pay higher prices. (Asia Times, November 21, 2009). India's minister for petroleum and natural gas, Jitin Prasada, announced in December 2009 that India would not pay prices for natural gas from Iran that are higher than that agreed upon in the initial 2005 agreement, according to an Indian news agency (http://www.thehindubusinessline.com/2009/12/18/stories/2009121853181500.htm">The Hindu Business Line, December 17, 2009).

Date: December 2009 - Unclear

Deal: According to an Indian news agency, Petronet signed a Memorandum of Understanding in December 2009 to develop South Pars phase 12 and support Iran's building of a new LNG plant. Petronet holds a 20% stake in a consortium that includes ONGC Videsh (OVL) and the Hinduja Group (PTI, December 2, 2009). According to an Indian news service, the plant is being built by Iran LNG Co., a subsidiary of the National Iranian Oil Company (NIOC), at Tombak Port in Iran. As of November 2009, the plant was 25% complete and expected to become operational in 2011 (Express India, November 16, 2009).

U.S. Business Ties: According to USASpending.gov, Petronet LNG does not appear to have received any significant U.S. government contracts (USASpending.gov, accessed August 6, 2014).

Last Updated: August 6, 2014