Gazprom Marketing and Trading Singapore (Pte.) Limited (Gazprom Singapore) has signed a Memorandum of Understanding with Indian Oil Corporation Limited (IOCL) to supply with up to 2.5 million tonnes per annum of liquefied natural gas (LNG) for up to 25 years.
The long-term LNG supply agreement is a natural step for all parties after a number of successful LNG cargo deliveries by Gazprom Singapore to its counterparties in India since 2007. Gazprom Singapore sees India as one of its key markets for LNG supplies, along with Japan and other North Asian countries, as it continues to strengthen its presence and operations in Asia-Pacific. India is both a key market for LNG sales in its own right, and also provides significant Gas, Power and Downstream opportunities.
Gazprom Singapore will provide LNG to its Indian partners from its current and projected Gazprom group production, such as Sakhalin, and will be supplemented by its wider Russian and international supply portfolio.
Nigel Kuzemko, Gazprom Singapore’s Global Director of LNG Development said of the deal; “We are delighted to have entered into this agreement with IOCL as it provides an excellent base to further develop Gazprom Singapore’s relationship with a premier Indian company. We recognize IOCL as major player in global energy markets with a strong presence in refineries, pipelines and marketing in India.
[mappress] Source: Gazprom, July 21, 2011;