Monday 20 February 2012

OilMin orders probe into Petronet LNG's Qatar contract - The Economic Times

Oil Minister S Jaipal Reddy has ordered a probe into changes made in a multi-billion dollar contract for import of liquefied natural gas (LNG) from Qatar, following allegations of foul play.

Reddy asked Oil Secretary G C Chaturvedi, who is also the chairman of Petronet LNG, to probe allegations that the company quietly switched to buying lean gas, which can only be used as fuel, instead of rich gas that can also produce petrochemicals and cooking gas (LPG), ministry sources said.

Petronet insiders, however, said the allegations were not true as the company was getting about 6.5 million tons out of the contracted volume of 7.5 million tons a year as rich gas from RasGas of Qatar.

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