QatarEnergy strikes 17-year gas supply deal with India
State-owned QatarEnergy has signed a 17-year Sales and Purchase Agreement (SPA) with India’s Gujarat State Petroleum Corporation (GSPC) for the supply of up to 1 million tons per year of liquefied natural gas (LNG) to India, The Peninsula reported on October 29th.
In accordance with the terms of the agreement, LNG volumes will be sent to terminals in India, from next year.
“This collaboration not only reinforces the enduring ties between our two companies but also contributes to India’s vision of enhancing its energy security and transitioning towards a cleaner energy mix,” said minister of state for energy affairs and president as well as chief executive of QatarEnergy, Saad Sherida Al-Kaabi.
“QatarEnergy remains committed to delivering safe and reliable LNG supplies to support India in its endeavours.”
The agreement between QatarEnergy and GSPC builds on their initial long-term deal inked in 2019.
Meanwhile, Qatar claimed that the EU’s corporate sustainability due diligence directive (CSDDD), which was implemented last year, presents major a risk to QatarEnergy, Reuters reported on October 23rd.
The EU policy stipulates that big companies that are active within the trade bloc must identify and resolve human rights and environmental problems in their supply chains or face financial consequences, such as fines of 5 per cent of international revenue.
During a ministerial meeting of the Gas Exporting Countries Forum in Doha, Al-Kaabi mentioned: “We must be clear in our opposition to trade barriers and discriminatory measures that disadvantage energy products, especially natural gas.”
“There is no way that we can supply any country” that would impose a fine of 5 per cent on global turnover, he said.
It was reported on July 12th that a consortium of Qatar Energy International and Exxonmobil made a natural gas discovery under the seabed south of Cyprus. The discovery could help Europe lower its dependence on Russian hydrocarbon.
The well had been discovered roughly 118 miles Southwest of Cyprus at a depth of 6,302 feet of water. There were no estimates concerning the natural gas quantity.
The Peninsula, Reuters, Maghrebi.org
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