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India to examine long term LNG contract prices

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LNG Industry,

According to the latest Reuters report, India will look to examine the pricing of its long-term LNG import contracts, in light of the fall in LNG spot prices.

The spot price decline which has taken place over the last year has been significant. For example, spot cargo prices in Japan, currently the world’s largest importer of LNG, have more than halved in the last 12 months. This has led major LNG importers, such as Japan and China, to evaluate their current long-term LNG import contracts.

India’s oil minister, Dharmendra Pradhan, has expressed the view that “long-term contracts are supposed to be honoured”. However, he did concede that a review would be considered at an ‘appropriate time’, reflecting on the fact that India has renegotiated deals in the past.

Petronet LNG Ltd., India’s largest gas importer, recently expressed similar views, stating that a review of its long-term LNG supply deals would be considered if spot prices remained weak for a prolonged period of time.

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