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Cabinet clears pact with Japan for setting up flexible LNG mkt

Press Trust of India  |  New Delhi 

The Cabinet today gave clearance for signing of agreement with for setting up of flexible and global Liquefied Natural Gas (LNG) market.

The Cabinet headed by Prime Minister Modi approved signing of a Memorandum of Cooperation (MoC) between and on establishing a liquid, flexible and global LNG market, Petroleum Minister Dharmendra Pradhan said here.


Briefing media after the meeting, he said, MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of destination restriction clause and in exploring possibilities of cooperation in establishing reliable LNG spot prices indices, reflecting true LNG demand and supply.

It will contribute to the diversification of gas supplies for India, he said, adding it will also strengthen the energy security and lead to more competitive prices for consumers.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 11 2017. 20:22 IST
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