India may look at renegotiating pricing of its long-term LNG import contracts at an “appropriate time” to help reflect falling rates of the spot market, Oil Minister Dharmendra Pradhan said on Monday.
“We see that at an appropriate time,” he told reporters on sidelines of an industry event here.
He was asked if the government is looking at renegotiating liquefied natural gas (LNG) contracts in view of fall in prices of the fuel available in spot or current market.
India imports 8.5 million tonnes per annum of LNG from Qatar under two long-term contracts and has tied up 5.8 million tonnes a year supplies from the US. It also has a 2.5 million tonnes import contract with Gazprom of Russia and a 1.44 million tonnes deal with Gorgon project of Australia.
