India's top gas importer Petronet LNG (PLNG.NS) does not yet have a definite liquefied natural gas supply plan from its leading supplier Qatar, its CEO said on Thursday, as the Middle Eastern producer reviews force majeure on a month-to-month basis.
Qatar declared force majeure on LNG exports in March, when Iran struck two of Qatar's 14 production trains. The U.S.-Iran conflict has also disrupted fuel shipments through the Strait of Hormuz, which carries around one-fifth of global oil consumption as well as large quantities of LNG.
"They have not given any definite plan for supply of LNG for September," A K Singh told the media after Petronet's June quarter earnings. "Everything is linked to the Strait of Hormuz and their start-up plans."
To make up for the shortfall of supplies from Qatar, Indian companies are importing LNG from Oman, the U.S., Nigeria and Angola, among others, Singh said.
PETRONET SAYS FORCE MAJEURE HAS AFFECTED 56 CARGOES SO FAR
Qatar declared force majeure on supplies for August, he said, adding that the measure had so far affected 56 of the company's Qatari LNG cargoes.
The Qatar deal permits the supply of the delayed cargoes by April 2028, when the existing long-term contract ends, he said.
Last month, Petronet received a Qatari LNG cargo loaded on the tanker Tembak, while another cargo is scheduled to arrive later this month, he said.
Petronet's Dahej terminal is expected to receive an LNG cargo from Ras Laffan loaded on the vessel Al Gattara on Sunday, according to LSEG trade flows.
The company has suspended operations of its three tankers, Disha, Raahi, and Aseem, that were chartered for the import of LNG from Qatar, Singh said.
This year, Petronet will be getting 600,000 metric tons of LNG from Australia's Gorgon project under its 1.2 million ton per year supply deal with ExxonMobil (XOM.N), he said.
Petronet already imports 1.42 million tons per year of LNG from the Gorgon project, in which ExxonMobil has a stake, under a separate long-term contract with the U.S. oil major.
