India Seeks To Rework More LNG Contracts Amid Surplus, GAIL Says

India Seeks To Rework More LNG Contracts Amid Surplus, GAIL Says

India is pushing to renegotiate more liquefied natural gas deals after its success in reaching agreements with some of the world’s largest energy suppliers.

GAIL IndiaLtd., the nation’s biggest gas utility, is working toward renegotiating two more long-term deals, according to the company’s chairman. Those would follow new deals with Qatar’s RasGas Co. in 2015 and Exxon Mobil Corp. last month that saw the Indian buyer get lower prices in exchange for agreeing to purchase higher volumes.

We have successfully renegotiated along with Petronet two long-term contracts,” Chairman B.C. Tripathi said in New Delhi on Wednesday. “We are now working on a third and fourth contract. This is how the market structure has changed. We are moving from a supply-constraint market to a supply-surplus market,” he said. Read More…

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