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India will buy an additional one million tonnes per annum of liquefied natural gas (LNG) from Australias Gorgon project after it got Exxon Mobil Corp to cut price agreed to eight years ago.
Exxon will charge 12.5 per cent of prevailing Brent oil price for about 1 mt per annum of additional LNG that Petronet LNG Ltd, Indias largest gas importer, will buy over and above the 1.44 million tonnes already contracted.
The additional volumes were agreed upon after Exxon agreed to slash price of LNG under the 20-year deal signed in August 2009, sources privy to the development said. Read More…