New Delhi, January 28
Petronet LNG Limited and Oil and Natural Gas Corporation Limited have entered into a Master Regasification Agreement under which PLL shall provide LNG regasification services to ONGC at the Dahej terminal, thereby enabling them to supply regasified natural gas to meet the requirements of its downstream consumers.
The agreement shall remain valid for a period of five years, with a provision for a further extension upon mutual agreement between Petronet LNG and ONGC, according to a statement from Petronet LNG.
ONGC has evinced interest in entering gas marketing by importing LNG and selling regasified LNG for market and captive use, as the growth of the Indian gas market is supported by the expansion of gas pipelines, city gas distribution (CGD) networks, and LNG regasification terminals.
The agreement aligns with ONGC's strategic objective of supplementing domestic natural gas production with LNG-based supplies to address the growing demand across various consuming sectors, the statement said.
The Master Regasification Agreement was signed on January 27, 2026, in the presence of Akshay Kumar Singh, Managing Director and CEO, PLL, and Arunangshu Sarkar, Director, Strategy and Corporate Affairs, Oil and Natural Gas Corporation Limited, at India Energy Week 2026, held at ATI ONGC, Goa.
ONGC is one of the promoters and is a related party of PLL. The CMD of ONGC is one of the Nominee Directors on the Board of PLL, in accordance with ofthe provisions of the Articles of Association of PLL. This transaction is being done on arm's length, it said.
Petronet LNG Limited is a joint venture promoted by four oil and gas Maharatna PSUs--GAIL, ONGC, IOCL, and BPCL--each holding a 12.5 per cent equity stake.
Incorporated in 1998, PLL commands 43 per cent of India's LNG regasification capacity and manages around two-thirds of the nation's LNG imports. With a turnover of approximately Rs 51,000 crore in 2024-25, PLL plays a vital role in India's energy ecosystem, contributing about 33 per cent of the country's total natural gas supply.
PLL, with its two LNG regasification terminals at Dahej, Gujarat and Kochi, Kerala, has a total regasification capacity of 22.5 MMTPA.
It is further augmenting Dahej terminal capacity from 17.5 MMTPA to 22.5 MMTPA, which is likely to be commissioned "shortly".
Further, PLL is also in the process of setting up a land-based greenfield LNG regasification terminal with a capacity of 5 MMTPA on the east coast of India at Gopalpur, Odisha.
PLL is also setting up a 750 KTA PDH unit and a 500 KTA PP unit, including ethane and propane handling facilities, at Dahej, Gujarat.
ONGC is the largest crude oil and natural gas Company in India, accounting for around 71 per cent of India's domestic production.
- ANI
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