BUSINESS

India seeks revision in price of gas via TAPI line

India has sought renegotiation of the natural gas price it is to source through a proposed $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline due to slump in global energy markets, a top source said.

The four nations had in 2013 signed a gas sale purchase agreement (GSPA) that bench-marked the price of natural gas that Turkmenistan is to export at 55% of the prevailing crude oil price. This translates into a price of about $7.5 per million British thermal unit (mmBtu) at current oil prices at the Turkmen border.

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