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U.S.-based Cheniere Energy Partners L.P. (CQP) said a unit of it has entered into an agreement with India's GAIL (India) Ltd. (532155.BY) to sell about 3.5 million metric tons of liquefied natural gas annually.
The agreement with Sabine Pass Liquefaction LLC will help the state-run Indian company to ensure long-term gas supply for meeting growing demand in the Indian market, GAIL Chairman B.C. Tripathi said, according to a Cheniere Energy statement.
Supplies under the 20-year agreement will commence by 2017, the statement said. The deal has an option for extending the contract by up to 10 years.
Financial terms of the agreement weren't immediately available.
-By Saurabh Chaturvedi; Dow Jones Newswires; +91-11-4356-3304; email@example.com