Good opportunity for India to tie up long-term LNG contracts: IEA’s Birol

Low prices of liquefied natural gas (LNG) in the global markets provide a good opportunity for India to tie up long-term contracts, according to Fatih Birol, Executive Director of the International Energy Agency.

Birol, who was in New Delhi to release the India Energy Outlook 2015, said there is expected to be a further downward pressure on LNG prices as new suppliers come into the market.

“We think a new and very important gas market is developing in Asia with a demand of about 400 billion cubic metre and I can tell you that US, Russia, Australia and even some African countries are eyeing this market,” said Birol. “We think it is important to look at the window of opportunity here. LNG prices are on the low side and a number of projects coming on stream in the next few years, this is right time to look at tying up contracts,” he added.



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