Indian LNG customers choosing spot buys over long-term deals – Petronet LNG exec

NEW DELHI, Oct 29 (Reuters) –

* 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, Singh said

* Delivered Price Of Spot LNG is $6.30-$6.40/Mmbtu vs $7.50-$8.50/Mmbtu for supplies under long term deals, he said

* Russia’s Novatek wants to set up a small scale LNG plant in India for retail sales, he said