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
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 expensive.
Dow Jones Newswires