NEW DELHI - India’s top gas importer Petronet LNG will soon finalise a deal to import at least 1 million tonnes per annum of liquefied natural gas with prices near the spot markets, its chief executive Prabhat Singh said on Tuesday.
“We are now in a position to come to a stage where very quickly we will be coming to nation with virtually spot pricing for a long-term deal,” Singh told a news conference. LNG prices under Petronet’s current long-term deals cost about $3.5-$4.5/million British thermal units compared to a spot price of about $2/mmBtu, Singh said.
Petronet’s head of finance V.K. Mishra said Qatargas and Exxon objected to the force majeure, which waives contractual obligations.
Then sell Indians at a exorbitant price
Electric cars are the wave of the near future
Petronet has a deal to buy 7.5 mtpa of LNG from Qatar and 1.44 mtpa from Exxon Mobil Corp’s Gorgon project in Australia. 'Gorgon' probably one of the coolest names for a gas field in the history of Oil&Gas!
Until India moves to hydrogen, methanol, or some locally produced energy source to replace its reliance on the Gulf, it will never fully rival China.