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India asks Qatar to invest in power plants as condition for LNG deals

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LNG Industry,

Reuters are reporting that India has announced that it would sign future long-term LNG purchase deals with Qatar if only Doha agrees to acquire stakes in Indian power plants.

India is the latest major LNG buyer to seek concessions from Qatar, the world's biggest LNG exporter, in order to re-sign long-term supply contracts. Amid a global glut of LNG and a slump in prices, other buyers have sought more flexible contracts, including clauses that would allow them to resell gas they do not consume.

India is suffering from natural gas shortages that have required power plants with capacity of as much as 25 000 MW to shut down or run as lower rates. Qatar's RasGas is India's biggest LNG supplier.

India wants to gradually move to a gas-based economy and has plans to raise its annual LNG import capacity to 50 million t in the next few years from 21 million t now.

India is also open to granting stakes to Qatar in local oil and gas companies and LNG terminals, should the Gulf emirate make such a proposal. India's biggest gas importer Petronet LNG annually buys 8.5 million t under a long-term contract. It also buys additional volumes from Qatar under spot deals.

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