India’s top importer Petronet LNG is renegotiating pricing of gas bought under long-term deals with Qatar(Reuters File Photo)
India’s top importer Petronet LNG is renegotiating pricing of gas bought under long-term deals with Qatar(Reuters File Photo)

Asia needs flexible LNG deals not linked to oil prices: Dharmendra Pradhan

Dharmendra Pradhan said gas buyers and sellers need to adjust to changing market dynamics after lower spot gas prices in last two years have encouraged buyers to favour short-term and spot deals instead of long-term oil-linked deals.
By Reuters | Posted by Srivatsan K C | New Delhi
PUBLISHED ON DEC 03, 2020 07:13 PM IST

Asia needs flexible liquefied natural gas (LNG) contracts with no links to oil prices to reflect changes to the market as demand recovers from the impact of the coronavirus pandemic, India’s oil minister Dharmendra Pradhan said on Thursday.

Pradhan said gas buyers and sellers need to adjust to changing market dynamics after lower spot gas prices in last two years have encouraged buyers to favour short-term and spot deals instead of long-term oil-linked deals.

“The LNG price determination for Asian consumers is still oil-linked, and this requires an urgent revision,” Pradhan said at an International Energy Forum event.

India, the world’s fourth largest liquefied natural gas importer, is aiming to raise the share of gas in its energy mix to 15% by 2030 from the current 6.3% and is investing $60 billion by 2024 to strengthen infrastructure.

The country’s top importer Petronet LNG is renegotiating pricing of gas bought under long-term deals with Qatar, after a spot price slump made oil-linked long-term deals unattractive.

“There is greater recognition to immediately address the rigidities in its marketing structures in LNG sector,” the minister said referring to clauses like destination restriction.

He said refined fuels and gas demand in India has recovered to pre-Covid levels and he hoped the country will remain a key global energy demand center.

India is doubling its natural gas grid to 34,500 kilometers and increasing annual gas import capacity to 61 million tonnes by 2022 from the current 42 million tonnes, he said.

SHARE THIS ARTICLE ON
app
Close
Farmers' tractor rally reaches Red Fort to protest against farm laws on 72nd Republic Day, in New Delhi on Tuesday. (ANI Photo)
Farmers' tractor rally reaches Red Fort to protest against farm laws on 72nd Republic Day, in New Delhi on Tuesday. (ANI Photo)

200 artists, including kids, rescued after being stranded near Red Fort

PTI, New Delhi
PUBLISHED ON JAN 26, 2021 10:12 PM IST
They were safely rescued by Delhi Police personnel after being stuck for almost two hours in the afternoon, provided refreshments and subsequently escorted away, a senior officer said.
Close
Battle tanks move through the ceremonial Rajpath boulevard during India's Republic Day celebrations in New Delhi, India, Tuesday, Jan. 26, 2021. Republic Day marks the anniversary of the adoption of the country's constitution on Jan. 26, 1950. (AP Photo/Manish Swarup)(AP)
Battle tanks move through the ceremonial Rajpath boulevard during India's Republic Day celebrations in New Delhi, India, Tuesday, Jan. 26, 2021. Republic Day marks the anniversary of the adoption of the country's constitution on Jan. 26, 1950. (AP Photo/Manish Swarup)(AP)

Relationship with India remains strong, says US in R-Day greeting

PTI
PUBLISHED ON JAN 26, 2021 10:06 PM IST
“Happy 72nd Republic Day, India!” the South and Central Asia Bureau of the State Department tweeted.
Close
A tractor parade by the farmer unions meant to highlight their demands dissolved into anarchy on the streets of the national capital during the day (ANI Photo)
A tractor parade by the farmer unions meant to highlight their demands dissolved into anarchy on the streets of the national capital during the day (ANI Photo)

No place for such incidents in democracy: Cong

PTI, New Delhi
PUBLISHED ON JAN 26, 2021 09:56 PM IST
  • Putting the onus of Tuesday's events on the government and questioning it for not accepting the farmers demands, Congress chief spokesperson Randeep Surjewala said it was not right on the government's part to create a facade of talks and neither conceding to their demands nor proposing any solution.
Close
Web series 'Tandav' started streaming on Amazon Prime on January 15.
Web series 'Tandav' started streaming on Amazon Prime on January 15.

'Tandav' director to appear before Lucknow Police, crucial SC hearing tomorrow

By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON JAN 26, 2021 09:56 PM IST
'Tandav', a nine-episode political thriller, started streaming on Amazon Prime on January 15. The web series stars Saif Ali Khan, Dimple Kapadia and Mohammed Zeeshan Ayyub among others.
Close
Police lathicharge farmers who were attempting to break barricades at ITO during their 'tractor march' on Republic Day, in New Delhi on Tuesday.(PTI Photo)
Police lathicharge farmers who were attempting to break barricades at ITO during their 'tractor march' on Republic Day, in New Delhi on Tuesday.(PTI Photo)

Legal action to be taken against those who assaulted police during tractor rally

ANI
PUBLISHED ON JAN 26, 2021 09:55 PM IST
The time and the routes for the tractor rally were finalised after several rounds of meetings held among Uttar Pradesh, Haryana, Delhi police, and farmers' leaders.
Close
Sikar and Bhilwara in Rajasthan recorded minimum temperatures of 0.5 degrees Celsius and 1.6 degrees Celsius, respectively.(HT Photo/ Sakib Ali )
Sikar and Bhilwara in Rajasthan recorded minimum temperatures of 0.5 degrees Celsius and 1.6 degrees Celsius, respectively.(HT Photo/ Sakib Ali )

Cold wave intensifies in parts of Rajasthan; some respite for Kashmir

PTI
PUBLISHED ON JAN 26, 2021 09:47 PM IST
In Uttar Pradesh, cold wave conditions prevailed at isolated places in the past 24 hours with the lowest temperature recorded at 2.4 degrees Celsius in Etawah.
Close
VK Sasikala. (File photo)(HT_PRINT)
VK Sasikala. (File photo)(HT_PRINT)

Expelled AIADMK leader Sasikala to be released from prison tomorrow

By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON JAN 26, 2021 09:44 PM IST
  • Sasikala was sentenced to four-year imprisonment in February 2017 in the 66 crore disproportionate assets case along with her sister-in-law J Ilavarasi and former Tamil Nadu chief minister late Jayalalithaa's foster son VN Sudhakaran.
Close
Farmers clashed with Delhi Police personnel near Akshardham. Vehicles parked on the road and DTC buses were damaged(PTI Photo)
Farmers clashed with Delhi Police personnel near Akshardham. Vehicles parked on the road and DTC buses were damaged(PTI Photo)

Timeline of Trouble: Vandalism and violence during Delhi’s R-Day tractor rally

Written by Aditi Prasad, New Delhi
UPDATED ON JAN 26, 2021 09:52 PM IST
It all began when protesting farmers broke their agreement with the Delhi police and started deviating from approved routes and started moving towards central Delhi.
Close
Several people, including police personnel, suffered injuries during the clash between protesting farmers and police.(Reuters)
Several people, including police personnel, suffered injuries during the clash between protesting farmers and police.(Reuters)

Delhi police: 83 personnel injured after clashes during farmers' tractor rally

ANI, New Delhi
UPDATED ON JAN 26, 2021 09:30 PM IST
Delhi Police had released the names of the cops who had sustained injuries in the evening.
Close
"Let me wish everyone in India, as well as those celebrating here in Britain, a very Happy Republic Day," PM Johnson had said.(Screenshot. Twitter/@UKinIndia)
"Let me wish everyone in India, as well as those celebrating here in Britain, a very Happy Republic Day," PM Johnson had said.(Screenshot. Twitter/@UKinIndia)

India thanks British PM Boris Johnson for Republic Day wishes

ANI, New Delhi
UPDATED ON JAN 26, 2021 09:17 PM IST
Anurag Srivastava, Ministry of External Affairs (MEA) spokesperson, tweeted "We thank Prime Minister of United Kingdom @BorisJohnson for his warm wishes on the occasion of India's 72nd RepublicDay."
Close
Sasikala was sentenced to four years imprisonment in February 2017 in the <span class='webrupee'>₹</span>66 crore disproportionate assets case.(PTI)
Sasikala was sentenced to four years imprisonment in February 2017 in the 66 crore disproportionate assets case.(PTI)

Sasikala to be released on January 27 after serving four-year term in prison

PTI
PUBLISHED ON JAN 26, 2021 09:09 PM IST
According to prison authorities, the former aide of late Tamil Nadu Chief Minister J Jayalalithaa, will be formally released tomorrow.
Close
At least 19 people have been taken to two Delhi hospitals following violence during the tractor rally on Tuesday in the national capital(PTI Photo)
At least 19 people have been taken to two Delhi hospitals following violence during the tractor rally on Tuesday in the national capital(PTI Photo)

News updates from HT: 19 people hospitalised following violence at tractor rally

By hindustantimes.com, Hindustan Times, New Delhi
UPDATED ON JAN 26, 2021 08:52 PM IST
  • Here are today’s top news, analysis, and opinion. Know all about the latest news and other news updates from Hindustan Times.
Close
Punjab chief minister Amarinder Singh(HT photo)
Punjab chief minister Amarinder Singh(HT photo)

Violence by certain elements in Delhi unacceptable, says Captain Amarinder

UPDATED ON JAN 26, 2021 08:48 PM IST
  • Captain Amarinder Singh the violence would negate the goodwill the farmers had earned through their peaceful protests so far.
Close
Police lathicharge farmers who were attempting to break barricades at ITO during their 'tractor march' on Republic Day, in New Delhi.(PTI Photo)
Police lathicharge farmers who were attempting to break barricades at ITO during their 'tractor march' on Republic Day, in New Delhi.(PTI Photo)

Shiromani Akali Dal condemns violence in Delhi during farmers' tractor parade

PTI
PUBLISHED ON JAN 26, 2021 08:42 PM IST
The party, in a statement here, said it stands for peace and communal harmony and believes in democratic values.
Close
Haryana police personnel during a mock drill at Badarpur border in Faridabad.(PTI)
Haryana police personnel during a mock drill at Badarpur border in Faridabad.(PTI)

Haryana shuts down mobile internet services in three NCR districts

PUBLISHED ON JAN 26, 2021 08:25 PM IST
  • The Haryana government said the decision was taken on the basis of intelligence reports on the likelihood of violence and disturbance of public peace in the state's national capital region districts
Close
SHARE
Story Saved
OPEN APP