Cabinet clears pact with Japan for setting up flexible LNG market

The Union cabinet has given clearance to the signing of a memorandum of cooperation (MoC) with the Japanese government for setting up a flexible global liquefied natural gas (LNG) market. The MoC will provide a framework for cooperation in facilitating flexibility in LNG contracts, abolishing the destination restriction clause and exploring possibilities of cooperation in establishing reliable LNG spot price indices, reflecting true LNG demand and supply. It will contribute to the diversification of gas supplies for India, strengthen energy security and lead to more competitive prices for consumers.


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