Petronet may avoid $1-bln LNG penalty
India Petronet has bought only 68 percent of its contractual 7.5 million tonnes of the commodity from RasGas in 2015.
The LNG purchases take place under a 25-year supply deal that took effect in 2004. RasGas has agreed to review the agreement’s pricing formula in light of the global downturn in energy prices.
Petronet is India’s top importer of LNG. In October, the company revealed that it faced $1 billion in losses from its take-or-pay contract with RasGas as Indian buyers balked at a price reportedly double the current LNG standard.
Following media reports of the waiver, Petronet said the two companies had not yet executed a binding agreement.
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