Oil report

India's top gas importer won't bid for Bangladesh's planned LNG terminal

NEW DELHI, Jan 31 (Reuters) -

* India’s top gas importer Petronet LNG will not bid for the proposed 7.5 million tonnes per annum (mtpa) liquefied natural gas terminal in Bangladesh and instead wants a government-to-government deal, its managing director Prabhat Singh said on Thursday.

* Singh said he was upbeat about the Jan-March quarter earnings of his firm.

* Petronet LNG hopes spot LNG prices will go down.

* The company is planning to bid for an LNG terminal in Andaman.

* Petronet LNG is keen to set up a 3.5-5 mtpa LNG terminal on India’s east coast and that could cost up to 50 billion rupees ($704 million), Singh said.

* The company is also looking at buying a stake in Indian oil Corp’s Ennore LNG terminal.

* Petronet hopes to complete the expansion of Dahej LNG terminal to 17.5 mtpa by April. ($1 = 71.0630 Indian rupees) (Reporting by Nidhi Verma; Editing by Mark Potter)