India wants LNG importers to join hands for equitable deals – Feedback

India, the world’s fourth-largest buyer of LNG, wants liquefied natural gas importers like Japan and Korea to join hands to bring more “equitable” trade deals.

India and Japan, in September 2013, had set up a multilateral group of buyers for LNG to push for lower prices for the fuel and New Delhi is now seeking other importers to join them. “A number of large Asian LNG buyers including India could benefit by joining hands and thereby bringing in more equitable trade deals,” Oil Minister Dharmendra Pradhan said at 5th IEF-IGU Ministerial Forum held on sidelines of the Petrotech conference here. While the global gas prices have cooled in line with oil rates in last two years, Asian countries – the biggest buyers of seaborne LNG – sometimes paid five or six times more for the deep-chilled gas than piped gas consumed in North America, where prices have plunged because of growing availability amid a boom in production from shale deposits.

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