Indonesia hints at renegotiating LNG prices with S.Korea

Indonesia's visiting energy minister hinted Thursday at renegotiating liquefied natural gas (LNG) prices with South Korea, officials here said as quoted by Yonhap.

In a meeting with Commerce and Energy Minister Lee Hee-beom, Indonesia's Energy and Mineral Resources Minister Purnomo Yusgiantoro said that Jakarta would take into account South Korea's request to renegotiate its LNG export prices, according to the commerce ministry officials.

The two met on the sidelines of a gathering of energy ministers from the Asia-Pacific Economic Cooperation (APEC) forum member states in Gyeongju, about 371 kilometers southeast of Seoul.

In the breakfast meeting, Minister Lee called for renegotiations with Indonesia on the lowering of its LNG export prices, the ministry said, adding Lee's counterpart said the Indonesian government would "take into account South Korea's stance."

South Korea currently has a long-term deal to import the gas from Indonesia, but it wants to buy it at a cheaper price as Australia and Russia have recently emerged as competitive exporters.

The APEC energy and mining ministers' meeting is aimed at resolving outstanding issues ahead of the APEC summit on Nov. 18-19 in the southern port city of Busan.(*)