Economy

Pradhan signed MoC on LNG with Japan

Pradhan signed MoC on LNG with Japan”

Pradhan is on a three-day visit, during which he met with officials from the Japanese oil and gas industry and attended the sixth Annual LNG Producer-Consumer Conference.

South Korea's Fair Trade Commission (KFTC) is considering whether to start a probe into clauses in liquefied natural gas (LNG) contracts that restrict buyers from reselling the fuel to other markets, an energy ministry official said on Thursday.

India and Mozambique today agreed to expedite development of the giant Rovuma gas discovery, which is planned to be converted into LNG for exports.

Last year, India favourably re-negotiated its LNG agreement with Qatar to bring down the cost of importing natural gas to less than $5 per unit from $12. The conference that is organized by the Ministry of Economy, Trade and Industry of Japan and Asia Pacific Energy Research Centre (APERC) provides a platform for the countries of the world to exchange ideas and opinion that will help to discuss the latest trends and to diversify the opportunities that can be availed from the LNG market.

The ministers signed a memorandum of cooperation (MoC) on jointly developing a liquid, flexible and global LNG Market.

According to Reuters, global LNG suppliers are taking time to revise destination clauses in supply contracts for Japanese buyers, despite a ruling by authorities in Japan that the provisions are anti-competitive.

"The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of the destination restriction clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply", it said. In the LNG sector, Japan is the world's largest importer and India the fourth-largest.



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