Petronet LNG of India revised contract with RasGas of Qatar [ Current Affairs ]
Biggest state owned gas importer Petronet LNG of India has signed a revised contract with RasGas of Qatar to import gas at a significantly lower price than earlier. Under the new contract
- From 1st January 2016, RasGas will supply Liquefied Natural Gas (LNG) to Petronet at 6 - 7 dollar per million British thermal units (mmBtu).
- Until the long-term contract ending in April 2028, It would supply to 7.5 million tonnes of LNG India.
- The new rate is lower than 12 - 13 dollar per mmbtu then earlier.
- And it has been revised after falling global prices of oil and gas, saving consumers around Rs. 4, 000 crore.
- The new price formula is win-win situation for both countries.
- It is also Union Government’s biggest diplomatic win to power India’s position as one of the world’s biggest energy consumers by striking better price bargains for its companies.
- Published on: January 8, 2016