The making of an LNG bonanza
Costly imports, weak domestic prices and poor infrastructure have stymied India’s gas market. But things are changing, fast
Late last year, Petronet LNG put its marker on the global liquefied natural gas market with a watershed renegotiation of its 25-year supply contract with RasGas. India's biggest gas importer walked away from the table with a near 50% price cut-plus the waiver of a Rs120bn ($1.8bn) penalty it should have incurred for taking less LNG in 2015 than contracted. For Qatari negotiators, the deal was a pragmatic recognition of changed market realities, and of the need to nurture India's embryonic gas market. For Petronet, which has contracts for around 8.5m tonnes a year from RasGas, and for Indian consumers in general, it was a fantastic financial result: a saving of about $5 per million British t
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
