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Petronet to cut spot LNG cargo purchases

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LNG Industry,

Reuters are reporting that Petronet LNG will cut spot purchases of LNG in the next fiscal year as it is receiving supplies under a long-term deal with Exxon Mobil Corp for imports from Australia's Gorgon project.

The first cargo from Gorgon was received in January and was cheaper than spot prices.

The second LNG cargo from Gorgon is expected to arrive in March.

The company will receive up to 18 LNG cargos from Gorgon in larger vessels.

Petronet LNG has a long-term contract with Exxon Mobil to buy approximately 1.5 million t of LNG every year.

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