Petronet LNG Declares Force Majeure as Middle East Conflict Disrupts Shipments

Petronet Lng Limited ( (IN:PETRONET) ) just unveiled an announcement.

Petronet LNG has reported a disruption in operations after hostilities in the Middle East between Iran and Israel made it unsafe for LNG vessels to transit the Strait of Hormuz en route to Ras Laffan, QatarEnergy’s loading port. In response, the company has declared force majeure on its LNG tankers Disha, Raahi, and Aseem, following a similar notice from its supplier QatarEnergy.

The company has passed on corresponding force majeure notices to key off-takers GAIL, Indian Oil, and Bharat Petroleum under their gas sale agreements, signaling potential interruptions in contracted LNG supplies. Petronet notes that acts of war are excluded from its business interruption insurance and says the financial and operational impact of this ongoing event cannot yet be estimated, though it will continue to monitor the situation and update markets as material developments arise.

More about Petronet Lng Limited

Petronet LNG Limited is an Indian energy infrastructure company focused on importing and regasifying liquefied natural gas through its terminals at Dahej in Gujarat and Kochi in Kerala. It supplies LNG to major domestic gas marketers and oil companies, playing a key role in India’s natural gas value chain and energy security efforts.

Average Trading Volume: 99,329

Technical Sentiment Signal: Strong Buy

Current Market Cap: 463.7B INR

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