October 29, 2019 / 2:46 PM / 22 days ago

Indian LNG customers choosing spot buys over long-term deals - Petronet LNG exec

NEW DELHI, Oct 29 (Reuters) -

* Indian customers are choosing spot cargoes over long term LNG contracts as spot purchases are cheaper, Prabhat Singh, chief executive of India’s Petronet LNG Ltd said on Tuesday.

* Petronet is considering renegotiating long term LNG contracts with Qatar’s RasGas, Singh said

* Delivered Price Of Spot LNG is $6.30-$6.40/Mmbtu vs $7.50-$8.50/Mmbtu for supplies under long term deals, he said

* Russia’s Novatek wants to set up a small scale LNG plant in India for retail sales, he said

* Singh said Petronet was looking at buying a 26% stake in Bharat Petroleum Corp Ltd’s planned east coast terminal

* Petronet will appoint an adviser in November for due diligence of a deal with Tellurian Inc, he said.

* Petronet benefitted from lower corporate tax during the September quarter, Singh said (Reporting by Nidhi Verma; Editing by Mark Potter)

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