India wants to join Asian grouping to buy LNG
The Government of India's Ministry of Petroleum and Natural Gas has now showed interest in joining an elite consortium of China, South Korea and Japan to import liquefied natural gas (LNG), Business Standard reported. Recently, Japan’s JERA, South Korea’s Korea Gas Corporation, and China National Offshore Oil Corporation had signed a memorandum of understanding to discuss opportunities of collaboration in the LNG business. The three countries also plan to co-operate in upstream projects, in LNG shipping and storage, and in joint procurement. The report quoted Petroleum Minister, Dharmendra Pradhan saying that China and India are the biggest consumers in the region. India will be keen to be part of any kind of consumer-centric common strategy. The grouping is being seen as a strategic move by Asian consumers to have more flexible supply contracts and ensure availability of cheaper LNG. Asian consumers will have more flexible supply contracts and will have cheaper LNG, by the strategic move of the group together.