CORRECTED-UPDATE 1-India looks for much better LNG deal by coordinating with South Korea and Japan

(Corrects minister comments in penultimate paragraph to reveal he
said India is progressively shifting to a gas-based economy, not an
oil-based economy) By Promit Mukherjee Energy-hungry India has
rebooted talks on a melted natural gas (LNG) purchasing
alliance with Japan and South Korea and may also include China
as Asian need for the fuel grows. “For the next two to three decades, gas is going to be a.
huge part of the energy basket for Asian energy customers,”.
Dharmendra Pradhan, Indian minister of petroleum and gas.
told reporters in Mumbai on Tuesday.

” We wish to combine the countries and form a network.
which can together source reasonable, reasonable and affordable.
LNG,” he stated, including that talks with Japan and South Korea have.
started and China may also come onboard as a partner.

State-owned GAIL Ltd is spearheading the talks,.
which follow a similar attempt in 2013, on India’s behalf. [reut.rs/ 1XUKy8C.
] Gas currently accounts for about 8 percent of.
India’s general energy mix. In the last decade, while India’s.
domestic natural gas production has grown by 10 percent, imports.
of LNG have actually increased by 335 percent.

This is likely to grow even more as India slowly shifts to.
a gas-based economy, the minister informed Reuters in a recent.
interview. India’s gas demand stands at 120 million standard cubic.
meters per day (mscmd) whereas domestic supply is 80 mscmd,.
making imports vital, government data showed.

( Editing by Alison Williams and Alexander Smith).

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