A meeting last month between Japanese Prime Minister Shinzo Abe and his Indian counterpart, Manmohan Singh, was hailed as a milestone in bilateral relations — and one that is having a trickle-down effect on LNG buying. News emerged at the same time that Japan's Chubu Electric and India's Gail were discussing joint LNG procurement. They have yet to decide details, and whether they will focus on spot or term purchases — indeed, some observers are skeptical joint buying will materialize — but the talks underscore Asian buyers' determination to increase their bargaining power. Other buyers tell WGI they are holding similar discussions, with cross-country consortium buying one of the strategies — spearheaded last year when Chubu and Korea Gas signed a medium-term contract with Italy's Eni.
展开▼
