Reuters: India Lifts 30% Less Volume Under Long-Term Qatar LNG Deal

India has imported 30 percent less liquefied natural gas (LNG) than it is supposed to under a long-term deal with Qatar as a slide in spot prices has cut demand from local buyers, two sources with knowledge of the matter said on Tuesday.

So far this year Petronet LNG has cut imports by 30 percent, or up to 24 cargoes, under the deal, said the sources, who declined to be named as they are not authorised to speak to the media.

Petronet has a 25-year deal with Qatar's RasGas to buy 7.5 million tonnes of LNG annually.

Asian spot LNG prices are hovering at about $8.2 per million British thermal units, reflecting a decline in global oil prices.

"Spot LNG prices are about $5-$6 (per mBtu) cheaper than those under the long-term deal so customers are not willing to pay higher prices for the gas offered under long-term deal," said one of the sources. MORE