Petronet LNG Signs Agreements with ONGC and Mahanagar Gas
Filing Summary
Petronet LNG Limited has executed a five-year Master Regasification Agreement with Oil and Natural Gas Corporation Limited for LNG services at the Dahej terminal. Additionally, a one-year Master Agreement has been signed with Mahanagar Gas Limited for the sale of regasified LNG. These agreements, effective from January 27, 2026, include provisions for extension. The collaborations align with strategic objectives to enhance LNG supply and infrastructure utilization. Both agreements were formalized during India Energy Week 2026, highlighting Petronet LNG’s role in India’s energy sector.
Petronet LNG Limited has entered into two significant agreements as of January 27, 2026. The first is a five-year Master Regasification Agreement with Oil and Natural Gas Corporation Limited. This agreement involves the receipt, storage, and regasification of Liquefied Natural Gas at Petronet LNG’s Dahej terminal. The second agreement is a one-year Master Agreement with Mahanagar Gas Limited for the procurement and sale of regasified LNG. Both agreements include provisions for extension based on mutual consent.
The financial terms of these agreements were not disclosed in the filing. However, the agreements are structured to provide LNG regasification services to ONGC and facilitate the sale of regasified LNG to Mahanagar Gas. These arrangements are expected to optimize the utilization of Petronet LNG’s regasification infrastructure and support the strategic objectives of the involved parties.
Operationally, the agreement with ONGC will enable the supply of regasified natural gas to meet downstream consumer requirements. The agreement with Mahanagar Gas offers operational and supply flexibility, allowing for augmentation and optimization of its gas supply portfolio based on international spot prices. Petronet LNG will provide integrated LNG sourcing and regasification services, including storage and flexibility for City Gas Distribution entities.
The agreements are effective from January 27, 2026. The Master Regasification Agreement with ONGC is valid for five years, while the Master Agreement with Mahanagar Gas is valid for one year. Both agreements have provisions for extension, subject to mutual agreement between the parties involved.
The agreements were signed in the presence of key executives from the involved companies during India Energy Week 2026 in Goa. Shri Akshay Kumar Singh, Managing Director & CEO of Petronet LNG, and Shri Arunangshu Sarkar, Director Strategy & Corporate Affairs of ONGC, were present for the ONGC agreement. For the Mahanagar Gas agreement, Shri Ashu Singhal, Managing Director of Mahanagar Gas, was present alongside Shri Akshay Kumar Singh.
The agreements align with the strategic objectives of ONGC and Mahanagar Gas. ONGC aims to supplement domestic natural gas production with LNG-based supplies, addressing growing demand across various sectors. Mahanagar Gas seeks to enhance its gas supply portfolio and operational flexibility. These agreements are conducted on an arm’s length basis, with ONGC and Mahanagar Gas being related parties to Petronet LNG.
Oil and Natural Gas Corporation Limited is a leading integrated energy company in India, involved in exploration, production, refining, petrochemicals, and distribution of petroleum products. It is the largest crude oil and natural gas company in India, contributing significantly to domestic production.
Petronet LNG Limited is a joint venture promoted by four Oil & Gas Maharatna PSUs: GAIL, ONGC, IOCL, and BPCL. The company manages a significant portion of India’s LNG imports and regasification capacity. Petronet LNG is expanding its infrastructure, including the augmentation of the Dahej terminal and the development of a new terminal on the East Coast of India. The company is also setting up additional facilities at Dahej, Gujarat.