Five million tonnes LNG from Iran to India

New Delhi, Nov 17 (UNI) The shelved Liquefied Natural Gas (LNG) supply deal between India and Iran for offering five million tonnes of the fuel could be revived after visiting Foreign Minister Manoucher Mottaki said he would offer a new price.

Iran said it was ready to offer a new price for reviving an LNG deal with India, after New Delhi rejected Tehran's earlier demand for 5.10 dollar per MBTU.

"We are going to offer a new price. If it is accepted, the project would be implemented," Mr Mottaki said.

Mr Mottaki currently on a two-day visit to India said the new price mechanism was evolved during a meeting he had with Prime Minister Manmohan Singh.

"Under the mechanism, if the new price is not mutually acceptable, then both sides will invite private companies to undertake the project and start negotiations," Mr Mottaki said.

India and Iran had last year signed a deal for supply of five million tonnes of LNG at 2.90 dollar per million British Thermal Unit (MBTU), but Tehran subsequently wanted 5.10 dollar per MBTU - a price that was not acceptable to new Delhi.

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