Which of the following statement/statements is/are INCORRECT regarding the India-Qatar LNG deal renewal?

1. India signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048.

2. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, signed the pact with QatarEnergy for 10 million tonnes of gas annually.

3. The renewal is at a significantly higher price than the current deal, impacting India's energy costs.

Solution

•     India signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. •     Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG. •     The renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. This translates into savings of USD 6 billion over the contract period. •     The first 25-year deal is to expire in 2028 and has now been extended for 20 additional years. •     The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. •     India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070.