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Business EconomyPosted at: Oct 18 2017 6:03PM


Need to develop transparent market for LNG, says Dharmendra Pradhan

New Delhi, Oct 18 (UNI) Observing that there was oversupply of LNG in the global market, Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Wednesday urged the stakeholders in the LNG sector to join hands to design flexible terms such as pricing review, flexible take or pay, the abolition of destination restriction clause in the LNG contracts.
“These reforms are essential for developing a transparent, efficient, truly global and balanced LNG market,” Mr Pradhan said.
Delivering the key note address at LNG conference in Tokyo on Wednesday the Union Petroleum Minister said that the global LNG market was undergoing a major transformation driven by new supplies which has created a situation of oversupply.
The conference has been jointly organized by the Ministry of Economy, Trade and Industry of Japan (METI) and the Asia Pacific Energy Research Centre (APERC).
During his visit, Mr Pradhan signed a memorandum of cooperation (MoC) on LNG with Japanese Minister of Economy, Trade and Industry Hiroshige Seko.
Under the MoC, the two countries will work on establishing a liquid, flexible and global LNG market.
The MoC also provides a framework to cooperate in facilitating flexibility in LNG contracts, the abolition of destination restriction clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply.
This agreement would help in promoting bilateral relationship between India and Japan in the LNG sector, the Ministry said in a statement.
They also explored joint cooperation in the areas of LNG sourcing, swapping and optimization of LNG sources and commercial exploitation of methane hydrates.
India and Japan are major consumers of energy in the world. In the LNG sector, Japan is the world's largest importer and India is the 4th largest importer.
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