Report: India signs biggest long-term LNG contract in Q1

The biggest new long-term LNG supply contract signed in Q1 2017 was in India, according to a report by GlobalData.

Titled ‘Q1 2017 Long-Term LNG Contracts Review – US Signs Two LNG Export Contracts’, the report states that the contract was signed between US-based Magnolia LNG and Indian-based VGS Group for a period of 20 years, from 2022 to 2042.

The contractual scope includes the supply of four million tonnes per annum (mtpa) of LNG from the Magnolia terminal in the US to the Krishna Godavari floating terminal in India.

The second biggest contract signed during the quarter was between Texas LNG and private buyers in China and South East Asia. The contract is for the supply of 3.1mtpa of LNG from the Brownsville terminal in the US for the period of 2021-2041.

The contract between Qatargas Operating Company and Polish Oil and Gas Company is the third biggest contract signed in the quarter. The contract is meant for the supply of 1mtpa of LNG from the Qatargas III terminal in Qatar to the Polskie LNG liquefaction terminal in Poland.