The supply arrangement is estimated to be around $15 billion to 20 billion and could be "a game changer for the Indian market", a the "The Times of India" said of the deal.
On the other hand, at current prices of US gas and existing liquefaction and transportation rates, the price would be $10 to $11 per unit in India, cheaper by $5 to $6 compared to a recent LNG contract with an Australia firm, the Economic Times said.
India, along with China, will both become significant buyers of LNG, Edward L. Morse, managing director of commodities research at Citigroup Global Markets Inc. had earlier said.
The two countries' huge demand for the clean energy will eventually create an impact on global gas prices, especially on LNG.
The LNG deliveries into India are expected to start in 2017 from Cheniere's Sabine Pass LNG terminal located in western Cameron Parish, Louisiana.
The agreement has an option for extension by 10 years.
It is not surprising that many nations now venture or have started migrating into the use of clean energy programs and methods as they grow more increasingly alarmed and concerned over the planet's rising changing global weather patterns.
Earlier, ExxonMobil Corporation, in its latest report, " The Outlook for Energy: A View to 2040,"said global usage of natural gas will grow 62 per cent by 2040, and will replace coal as the second-largest fuel supply behind crude oil by 2025.
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