India Pulls Off Cheaper LNG Price From Australia

India Pulls Off Cheaper LNG Price From Australia

India has renegotiated the price of liquefied natural gas (LNG) it imports from Gorgon project in Australia that will result in savings of more than Rs 10000 crore, according to Petroleum Ministry sources here on Sunday.

“Happy to share good news that India has, yet again, been able to address the long-term price issue of LNG from Gorgon to suit Indian market,” Petroleum Minister Dharmendra Pradhan said in a tweet.

“Indian customers will receive LNG volumes at an amicable price soon. This is done in a similar way to what we did with LNG from Qatar,” he said in a separate tweet.

According to the ministry source, the Gorgon project operators’ consortium led by American majors Chevron and Exxon Mobil have agreed to charge 13.9 per cent of the prevailing UK Brent oil price at the port of delivery, rather than 14.5 per cent at the port of loading as was agreed earlier. Read More…

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