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Hot Pursuit News

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(20 Feb 2024, 09:18)

Deepak Fertilisers jumps after inking pact with Equinor

Deepak Fertilisers and Petrochemicals Corporation (DFPCL) rallied 6.76% to Rs 527.80 after the company said that it has entered into a long term supply agreement for Liquefied Natural Gas (LNG) with Equinor ASA, Norway.

Equinor is the largest exporter of pipeline gas to Europe and operator of Europe’s only large-scale LNG plant at Hammerfest, Norway. Equinor, erstwhile Statoil, is amongst the established leaders in the oil & gas sector over the last 50 years, with a market cap of $75 billion wherein majority shares are owned by the Norwegian Government.

With this tie-up, DFPCL strengthens its value chain with an attractive long-term LNG contract to solidify its value chain from gas to ammonia to various downstream fertilisers, industrial chemicals and mining chemicals.

This agreement is for annual supplies of up to 0.65 million tonnes over a period of 15 years, beginning 2026. The tie-up provides room for trading some LNG parcels in the growing LNG demands in India as well as accommodating the com...

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