India is re-negotiating the terms of a long-term natural gas contract with Qatar in line with the slump in global prices but no agreement has been signed till date.
"PLL (Petronet LNG Ltd.) is in talks with RasGas Company of Qatar to re-negotiate the terms of long-term gas agreement. However, no binding agreement has been executed so far," Petroleum Minister Dharmendra Pradhan told the Lok Sabha in a written reply.
Petroleum ministry officials told reporters that PLL is currently lifting only 68 percent of the volumes it agreed to in the long-term contract with RasGas following a slump in global energy prices led to gas being available in the spot market at around half the rate.
The price of spot LNG delivered has dropped more than 50 percent in the past year to about $6.80 per unit.