News // Middle East and OPEC
Serious Rival For Qatar
15 April 2004 , 10:15512
Iran export liquefied natural gas costs less than Qatari one. That sets a new price limit of this imported fuel in India.
Iranian national gas company NIGEC has agreed to a two-part pricing formula for LNG exports to India. The new pricing formula, suggested by Gail India Limited, is expected to make LNG imports into India substantially cheaper than what was negotiated with RasGas, the gas company of Qatar.
Gail chairman and managing director Proshanto Banerjee is shortly leaving for Iran where he is expected to finalize details for developing a sales and purchase agreement (SPA) with NIGEC for importing 5 million tons per annum of LNG into India.
Gail has led the discussions on sourcing of LNG from Iran and so far three joint meetings have been held with the National Iran Gas Export Company (NIGEC) in Tehran. The last meeting was held in Tehran in February this year.
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