Bulls grab gas stocks as India renews $78 billion LNG deal with Qatar; ONGC, Petronet hit 4% upper circuit
Shares of ONGC, Petronet LNG, GAIL (India) saw sharp gains today after the leading LNG importer extended a 2004 deal with Qatar to buy 7.5 million tonne a year of gas for producing electricity.
Bulls tightened their grip over gas stocks after Petronet LNG Ltd announced on February 6 that it is likely to sign a deal with QatarEnergy for extending a 2004 deal to buy 7.5 million tonne a year of gas. On the sidelines of India Energy Week, India's biggest liquefied natural gas (LNG) importer said that the first 25-year deal is to expire in 2028 and is now being extended for 20 additional years.
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