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2014-03-15 17:15:00

IRAN & INDIA: WITHDRAWING CONCESSIONS

IRAN & INDIA: WITHDRAWING CONCESSIONS

IE. The new government in Iran has withdrawn all crucial oil and gas concessions that had been promised to India by its predecessor.
Iran oil payments bring relief for Re
Oil minister Bijan N Zangeneh,it is learnt,told Indian ambassador D P Srivastava on September 1 that Tehran would not accept the entire payment for crude oil imported by India in rupees as agreed in July.
India was banking on 100 per cent rupee payment for Iranian crude to cut its forex outflow. Petroleum Minister M Veerappa Moily had assured Prime Minister Manmohan Singh last month that an additional 11 million tonnes would be imported from Iran in 2013-14 to save $ 8.47 billion.
Iran has since stopped issuing invoices in rupees for the full quantity of crude and reverted to the old system of accepting only 45 per cent of the payment in rupees.
Zangeneh,it is learnt,told Srivastava that the new Central Bank of Iran governor had complained of difficulties in transferring money in euros from India to other countries to pay for food and medicines.
Iran,he said,needed help in resolving the problem with getting 55 per cent payment in euros,which was being routed through Turkey's Halkbank,and ended in February. Zangeneh wants India to renegotiate the terms and revert to majority euro payment.
Zangeneh also told the Indian envoy that the previous regime's offer to sign a production sharing contract (PSC) for the Farzad B offshore gas field was "not acceptable",as he could convince neither the government nor parliament to approve the PSC.
Under PSC,an operator gets a share of production or revenue in proportion to its investment. In a service contract,the Indian consortium would get a flat 15 per cent return on the investment for developing the field.
India had started work on floating a new government company to develop the field and keep out the existing contractor consortium of ONGC Videsh Ltd,Indian Oil Corp and Oil India Ltd to shield them from US sanctions.
The new regime has also reversed the offer of natural gas at a heavily discounted price of 84 cents per million BTUs for setting up a urea plant through Indian investment at Assaluyeh or Chahbahar.
Zangeneh now wants a product-linked gas price where Iran would calculate the price related to the international price of urea after taking into account investment,operation cost and expected returns.

Tags: IRAN, OIL, INDIA

Chronicle:

IRAN & INDIA: WITHDRAWING CONCESSIONS
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

IRAN & INDIA: WITHDRAWING CONCESSIONS
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

IRAN & INDIA: WITHDRAWING CONCESSIONS
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

IRAN & INDIA: WITHDRAWING CONCESSIONS
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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