Petronet LNG Issues Force Majeure Notices to GAIL, IOCL, BPCL After QatarEnergy Action

Petronet LNG Limited has issued force majeure notices to GAIL (India) Limited, Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL) under its gas sale and purchase agreements, the company said in a press release. In the release, the company confirmed it received a notice of force majeure from its liquefied natural gas (LNG) supplier, QatarEnergy.

This development follows a preliminary intimation submitted to the exchanges on March 3 regarding potential supply disruptions; the company subsequently issued corresponding notices to its off-takers on the same day.

Rajan Kapur, GGM and president - company secretary, Petronet LNG, stated in the filing that the likely impact of the force majeure, described as an “ongoing event,” cannot be estimated at this point of time. The company stated it is closely monitoring developments and will inform the stock exchanges of material updates.