Indian LNG customers choosing spot buys over long-term deals
10/30/2019
Indian customers are choosing spot cargoes over long term LNG contracts as spot purchases are cheaper, Prabhat Singh, chief executive of India's Petronet LNG Ltd said on Tuesday. Petronet is considering renegotiating long term LNG contracts with Qatar's RasGas, the executive said.
"Delivered spot price of LNG is $6.30/MMBtu-$6.40/MMBtu vs $7.50/MMBtu-$8.50/MMBtu for supplies under long term deals," Singh said. The executive said Petronet was looking at buying a 26% stake in Bharat Petroleum Corp Ltd's planned east coast terminal. Petronet will appoint an adviser in November for due diligence of a deal with Tellurian Inc.
(Reporting by Nidhi Verma; Editing by Mark Potter)
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