Stressed upon developing transparent market for LNG: Dharmendra Pradhan

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Wednesday, while addressing the 6th Liquefied Natural Gas (LNG) Producer-Consumer Conference in Tokyo, stressed upon developing a transparent, flexible, competitive market for LNG.

Pradhan took to his Twitter handle to inform about the same and said, competitive market for LNG is important for India as the country import 50 per cent of the gas need as LNG.

"Attended 6th LNG Producer-Consumer Conf in Tokyo; happy to see counterparts from partner countries like Qatar, Mozambique, Malaysia, Japan (sic)," Pradhan tweeted.

"Stressed upon developing a transparent, flexible, competitive market for LNG; imp for India as we import 50% of our gas need as LNG," he added.

Pradhan, in the conference, asked the industry to work for removing restrictions like destination clause, pricing indexation of LNG, which will help the Indian gas sector in a big way.

"As we increase the percentage of gas in our energy basket as cleaner fuel we need better terms and prices for our LNG import contracts," he tweeted, adding, "Asked industry to work for removing restrictions like destination clause,pricing indexation of LNG; it will help our gas sector in a big way."

Pradhan also signed a Memorandum of Cooperation (MoC) on Liquefied Natural Gas (LNG) with Ministry of Economy, Trade and Industry of Japan and stressed on working for objective of "Secure supply of LNG at Reasonable prices".

Pradhan, who is currently on a visit to Japan, took to his Twitter handle and said the main focus is to work together in this area.