New Delhi-based Petronet LNG Limited, will sign a deal in a year’s time to buy at least 1 million tons of U.S. natural gas annually for a period of up to 10 years. The firm may also acquire a stake in a U.S. liquefied natural gas (LNG) project, said Petronet’s managing director, Prabhat Singh.
“The U.S. offers lots of opportunities and we would like to explore that properly and make a venture [there],” Singh said. He added that Petronet was in talks with various companies including Houston, Texas-based Tellurian Inc about a potential U.S. deal. “If the pricing is right then India has appetite for huge volumes,” he noted.
A glut of natural gas in the United States due to the rapid development of shale fields has kept benchmark U.S. prices for LNG at almost half that of Asian levels.
