To justify its volte face, the Ministry will outline alternative LNG sources available to India and the price quoted by their suppliers to show that Tehran’s higher offer is still the cheapest. And that even though crude prices cooled off last year, LNG continues at $6-$8 per million British thermal units (mBtu).
The Ministry will argue that the cheapest on offer to India is from Qatar’s RasGas that agreed to supply 1.2 million tonnes of LNG for the Dabhol power plant at $8 per mBtu.
GAIL (India) Ltd has approached LNG suppliers in Australia, Malaysia, Indonesia, Abu Dhabi, Oman, Egypt and Algeria but no commitment has so far been received on both volume and price.
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