In 2015 it renegotiated the LNG pricing formula with Qatar’s Rasgas to buy the gas at half the original price. At that time Petronet agreed to buy LNG at a cost equivalent to 14."Indian customers will receive (Gorgon) LNG volumes at an amicable price soon.Petronet’s managing director Prabhat Singh declined comment and Pradhan did not specify changes in the pricing formula.The Gorgon gas prices are now linked to about 13-13.India has been trying to leverage its position as one of the biggest energy consumers to strike better bargains for its companies.Supplies under the deal began from January 2017, with the landed price of gas costing about $11-$13 per million British thermal units (mmBtu), almost double that of Asian Wholesale Ultracapacitor battery spot LNG prices."

Happy to share good news that India has, yet again, been able to address the long-term price issue of LNG from Gorgon to suit Indian market," Pradhan said in a tweet.India’s top gas importer Petronet LNG signed a deal in 2009 with Exxon Mobil Corp to buy 1. This is done in a similar way to what we did with LNG from Qatar," Pradhan said in a tweet.Renegotiation of the deal also shows how softening oil prices and a global supply glut are forcing LNG exporters to offer better deals to retain their share in global energy markets.

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