Petronet LNG Issues Force Majeure Amid Middle East Supply Disruptions, Shares Decline

Petronet LNG has issued a force majeure notice to QatarEnergy due to supply disruptions caused by Middle East hostilities, including an Iranian drone strike that halted Qatar's LNG production. This has impacted shipments through the Strait of Hormuz, a key transit route, leading to a reduction of up to 40% in gas supplies to Indian industries. Shares of Petronet LNG and related gas companies fell sharply amid rising global LNG prices and increased shipping risks. The company is monitoring the situation and has informed its key off-takers, including GAIL, IOCL, and BPCL.