Petronet LNG Ltd (PLL) and Oil and Natural Gas Corporation Ltd (ONGC) on Tuesday signed a five-year Master Regasification Agreement (MRA) for the receipt, storage and regasification of liquefied natural gas (LNG) at PLL's Dahej regasification terminal in Gujarat.

Under the agreement, PLL will provide LNG regasification services to ONGC, enabling the state-run upstream major to supply regasified LNG (RLNG) to meet the requirements of its downstream consumers. The MRA will remain valid for five years, with a provision for a further extension by mutual agreement between the two companies.

The MRA aligns with ONGC's strategy to supplement its domestic natural gas production with LNG-based supplies as demand for gas rises across sectors, supported by the expansion of gas pipelines, city gas distribution (CGD) networks and LNG regasification terminals in India, a press statement read.

ONGC has indicated its intent to enter gas marketing by importing LNG and selling RLNG for market and captive usage.

ONGC is one of the promoters and a related party of Petronet LNG Limited. The Chairman and Managing Director of ONGC is also a nominee director on the board of PLL in accordance with the company's Articles of Association.

The transaction, however, has been undertaken on an arm's-length basis, the company stated in a regulatory filing.

Akshay Kumar Singh, Managing Director & CEO, Petronet LNG Limited, and Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, were present during the signing, on the sidelines of day one of the India Energy Week 2026, being held at ATI ONGC, Goa.

Source: ET Energyworld. Com

#theshippingtribune #latestnews #shippingnews #dailynews #Maritimenews #shippingindustry #news #media #newsupdate #maritime #shippingnewsworldwide