India offers more for Iran LNG supply

India has offered to raise the price it was willing to pay by 50% to buy 5 million tonnes of liquefied natural gas (LNG) from Iran for 25 years. ?We are willing to pay up to $4.775 per million Btu against earlier capped price of $3.215 per million Btu,? a top official said. In June 2005, GAIL (India), Indian Oil and Bharat Petroleum signed a deal to import 5 million tonnes of LNG per annum at a free-onboard price of $2.90 per million Btu for the initial two years. The price would be raised to $3.21 per million Btu from 2011 onward.

Source: The Economic Times, New Delhi
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