India's biggest gas importer Petronet LNG is close to renegotiating a major deal with its Qatari supplier Rasgas, lowering the cost of gas shipments and avoiding a $1.5 billion (Rs 9,916.5 crore) penalty fee for lifting less gas than agreed, two sources said.
The renegotiation is another sign of how falling oil prices and a global gas glut are bringing producing giants such as Qatar to the negotiating table.
Petronet, which has a 25-year contract with Rasgas to annually buy 7.5 million tonne of liquefied natural gas (LNG) has reduced purchases by about a third this year due to high prices -- even though it is only allowed to take 10% less, making it liable for a $1.5 billion penalt
India's biggest gas importer Petronet LNG is close to renegotiating a major deal with its Qatari supplier Rasgas, lowering the cost of gas shipments and avoiding a $1.5 billion (Rs 9,916.5 crore) penalty fee for lifting less gas than agreed, two sources said.
The renegotiation is another sign of how falling oil prices and a global gas glut are bringing producing giants such as Qatar to the negotiating table.
Petronet, which has a 25-year contract with Rasgas to annually buy 7.5 million tonne of liquefied natural gas (LNG) has reduced purchases by about a third this year due to high prices -- even though it is only allowed to take 10% less, making it liable for a $1.5 billion penalt