Mumbai: Mumbai-based realtor Hiranandani Group-promoted H-Energy on Wednesday signed an agreement to buy liquefied natural gas (LNG) from Russian gas producer Novatek on a long-term contract as it looks to meeting energy needs of Asia’s third-largest economy.
“Today, during the Eastern Economic Forum in Vladivostok, Pao Novatek and H-Energy Global Ltd, India, signed a memorandum of understanding,” said H-Energy in a press statement.
The deal was announced hours after Prime Minister Narendra Modi arrived in Russia on Wednesday for summit talks with Russian President Vladimir Putin.
The MoU envisages co-operation in LNG supplies to India on a long-term basis, joint investment in LNG terminals of H-Energy and LNG projects of Novatek as well as setting up of a joint venture to market LNG and natural gas from Novateks’s portfolio to end-customers in India, Bangladesh and other markets.
