India needs to re-examine long-term gas pricing with Qatar: Oil Minister

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.

ET Energy World
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