By WAYNE MA
SEOUL -- Asia should have its own liquefied natural
gas-price index, India's energy minister said on
"We are thinking of an Asian index," Petroleum and Natural
Gas Minister Veerappa Moily said.
India and Japan recently said they
will form an LNG buyers' group to influence prices. "Ultimately
these are the largest consuming countries. There should be a
Most LNG sold in Asia is by long-term contract linked to
crude-oil prices which have stayed higher than piped-gas
prices. "All this oil system should go," Mr. Moily said on the
sidelines of a meeting of energy ministers in Seoul.
Asian countries -- the biggest buyers of LNG shipped by sea
-- can pay five or six times more than consumers of piped gas
in North America, where prices have fallen because increased
supply from shale deposits.
India's weakening currency has made LNG imports even more
Dow Jones Newswires