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India needs to re-examine long-term gas pricing with Qatar: Dharmendra Pradhan

REUTERS
Published : Jan 27, 2020, 1:16 pm IST
Updated : Jan 27, 2020, 1:16 pm IST

India imports 8.5 million tonnes of liquefied natural gas (LNG) annually under a long-term supply deal with Qatar.

Oil Minister Dharmendra Pradhan.
 Oil Minister Dharmendra Pradhan.

Mumbai: India’s Oil Minister Dharmendra Pradhan said on Monday the country needs to look into the pricing mechanism of existing long term gas supply contracts with Qatar.

He was speaking to a gathering of oil company officials in New Delhi.

India imports 8.5 million tonnes of liquefied natural gas (LNG) annually under a long-term supply deal with Qatar.

Spot prices, or current market prices, of LNG have dropped to multi-year lows in January, highlighting the loss being borne by LNG importing countries tied in long term contracts with suppliers.

Tags: gas, price, dharmendra pradhan
Location: India, Maharashtra, Mumbai (Bombay)