Shares of Deepak Fertilisers and Petrochemicals Corporation Limited skyrocketed 10% on 20 February after the company announced entering into a long-term LNG supply contract with a Norway-based company.

In its regulatory filing, the company said that they have entered into a 15-year supply contract with Equinor, an international energy company headquartered in Norway, for the supply of Liquefied Natural Gas (LNG) of up to 0.65 million tonnes per annum starting from 2026, which will be delivered to the west coast of India.

The company added that this collaboration will provide room for trading some LNG parcels in India’s growing LNG demand and accommodating the company’s increasing captive needs.

The filing added, “The LNG agreement also encourages the companies to further collaborate on petrochemicals feedstocks and strategic decarbonization pathways in the future.”

The tie-up will strengthen the company’s value chain with an attractive long-term LNG contract to solidify its value chain from gas to ammonia to various downstream Industrial Chemicals, Fertilisers, and Mining Chemicals.

At 12:51 pm, the shares of Deepak Fertilisers were trading 6.99% higher at Rs 529 on NSE.