NEW DELHI, Oct 29 (Reuters) -
* Indian customers are choosing spot cargoes over long term LNG contracts as spot purchases are cheaper, Prabhat Singh, chief executive of India’s Petronet LNG Ltd said on Tuesday.
* Petronet is considering renegotiating long term LNG contracts with Qatar’s RasGas, Singh said
* Delivered Price Of Spot LNG is $6.30-$6.40/Mmbtu vs $7.50-$8.50/Mmbtu for supplies under long term deals, he said
* Russia’s Novatek wants to set up a small scale LNG plant in India for retail sales, he said
* Singh said Petronet was looking at buying a 26% stake in Bharat Petroleum Corp Ltd’s planned east coast terminal
* Petronet will appoint an adviser in November for due diligence of a deal with Tellurian Inc, he said.
* Petronet benefitted from lower corporate tax during the September quarter, Singh said (Reporting by Nidhi Verma; Editing by Mark Potter)