Gas company BG Group announced it has signed a deal with Gujarat State Petroleum Corporation in India for up to 2.5 million tonnes per year of Liquefied Natural Gas.
The deal has the provision to last for up to 20 years beginning as early as 2014. BG Group and GSPC intend to complete negotiations of a purchase agreement early next year.
BG Group Chief Executive Sir Frank Chapman said: “This is a landmark agreement for BG Group, establishing long-term LNG sales into one of the world’s largest and fastest growing energy markets. We have been in the Indian gas market for more than 15 years and this agreement brings essential new supplies of natural gas to the country.”