Indications emerged on Friday on the possibility of India and Iran reviving an LNG deal struck last year, with Tehran offering a new price and New Delhi saying it was willing to raise its offer slightly for importing five million tonnes of natural gas from 2009.
The deal between the two nations became cold after New Delhi rejected Tehran's demand for $5.10 per mBtu as against the agreed price of 2.90 per mBtu.
"They have given us a new offer and now we will start working on that," Petroleum Minister Murli Deora said after a meeting with Iran's Foreign Minister Manouchehr Mottaki that lasted for more than an hour.
Deora said the Iranian Minister had indicated that the price offered by India was very low and that it must be re-negotiated.
"A little more price is ok but the new price should not be very high from what we had offered," he said, adding, "with the new formula I am very hopeful that the deal would fructify."
Talking to mediapersons after the meeting, Mottaki said India and Iran complement each other as India wants gas for its developmental plans and Iran wants to earn revenues from gas exports.
"I am optimistic that with further negotiations with a specific formula, you will receive gas very soon," he said.
"We are going to offer a new price. If it is accepted, the project would be implemented," the Iranian Minister said on Thursday.
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