Liquefied Natural Gas (LNG) is available in the open market for a price for US $7 per MMBTU [1 million BTU (British Thermal Unit)], but India buys it for an added price – US $ 12 per MMBTU.
Prosad Dasgupta, MD & CEO, PLL exchanging Sales Purchase Agreement with Ibrahim B. Ibrahim, Chairman, RasGas petronetlng
Petronet, a government-owned company, imports LNG to the country. The company has been involved in irregularities not only during signing of contracts but also in controversial decisions made when appointing the highest paid officials.
Prabhat Kumar Singh, current MD and CEO of Petronet LNG Ltd topnews
According to an ex-official of the Petroleum Ministry, “A core energy company is being run like a grocery shop. Politicians who cannot even define LNG are interfering in the recruitment of the highest officers of the company.”
Wilenergy, the natural gas carrier from Qatar, berthed at the Petronet LNG terminal thehindubusinessline
Petronet is directly governed by Union Petroleum and Natural Gas Ministry. For bleeding the country’s economy due to the contracts signed in vested interests, Petronet is now being investigated for irregularities by a committee along with CVC.
“Mistakes have been done while we were signing the contracts with RasGas. Now how one can reverse or change the terms and conditions of the contracts?” asked a former Secretary of the Union Petroleum Ministry.
Some of the irregularities of Petronet include:
Oil Minister Dharmendra Pradhan had pressed Qatar for LNG price-cut economictimes