After getting Qatar and Australia to lower gas price, India is seeking to renegotiate rate of LNG(liquefied natural gas) it has contracted from the US and Russia to reflect current market realities, GAIL Chairman and MD B C Tripathi said on Wednesday.
“We have successfully renegotiated, along with Petronet LNG Ltd, two long-term (LNG import) contracts. We are now working on third and fourth contract,” he said at a Ficci (Federation of Indian Chambers of Commerce and Industry) conference here.
While Tripathi did not name the contracts, he was referring to last month’s in-principle agreement with Exxon Mobil Corp for a cut in price of 1.44 million tonnes a year LNG to be imported from Australia’s Gorgon project.
In 2015, India renegotiated price of the long-term deal to import 7.5 million tonnes per year of LNG from Qatar, helping save Rs 8,000 crore. Read More…