Doha – Mubasher: LNG buyers in India are seeking deals to extend their contracts. To protect them from rising prices, in a move that supports the government’s plan to boost fuel use.
According to statements today, Wednesday, to traders and executives, importers are accelerating their efforts to secure fuel, as Petronet LNG, Gale India Limited and Indian Oil Corporation are in talks with suppliers in the United States, Qatar and the United Arab Emirates about deals that will last for 20 days. years.
This is contrary to the general direction of the country, which has not concluded a long-term deal since 2021, but these deals will help reduce India’s exposure to the volatile spot market, as prices rose to a record level last year and made fuel too expensive for many buyers, according to the agency. Bloomberg.
Petronet is reportedly in negotiations with Qatar to extend an existing deal at a lower price and secure additional volumes, according to company executives, who asked not to be named because talks are ongoing, and said the company is in talks with several other suppliers..
Separately, Gale is looking to buy a stake in the US LNG export terminal, along with a deal of about 1 million tons per annum.
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