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India seeks to renegotiate more LNG contracts amid surplus

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LNG Industry,

According to Bloomberg, India is seeking to renegotiate more LNG deals after its success in reaching agreements with some of the world’s largest energy suppliers.

GAIL India Ltd., the nation’s biggest gas utility, is working toward renegotiating two long-term deals, according to its chairman. They would follow new deals with RasGas Co. and Exxon Mobil Corp. that saw the Indian buyer get lower prices in exchange for the purchase of higher volumes.

Chairman Tripathi declined to provide details on the contracts the company is now seeking to amend.

India’s desire to renegotiate these deals has developed in light of the recent global surplus of LNG. Buyers such as India have become emboldened to seek more favourable deals for contracts signed several years ago.

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