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2016-08-17 18:30:00

INDIA SAVES $3 BLN

INDIA SAVES $3 BLN

NGA wrote, India will save about Rs 20,000 crore ($3bn) as it has renegotiated a long-term LNG import deal with Qatar, Prime Minister Narendra Modi said on Monday.

Speaking on the occasion of India's Independence Day Modi said, "What was Qatar's right and we were bound to pay, we managed to get Qatar to renegotiate...to make possible something which was impossible," he said.

In December, a revised long-term contract was signed between Petronet LNG and RasGas. The revised formula bases the price on a three-month average figure of Brent crude oil, replacing a five-year average of a basket of crude imported by Japan, with a rider that Petronet buys an additional 1 million tons of LNG annually.

Qatar also waived off a $1.5 billion penalty against India for lifting less gas than agreed.

India and Qatar have a contract under which New Delhi imports 7.5 million tons a year of LNG. The contract will run till April 2028.

While Modi said the revision in price formula would help save Rs 20,000 crore, oil minister Dharmendra Pradhan had recently told Parliament in a written question that at the revised formula, the country will save Rs 8,000 crore over the remainder of the contract, Press Trust of India reported.

Indian is also looking to renegotiate the price of Gorgon LNG. Petronet is in talks with ExxonMobil, one of the partners in the Gorgon project, to rework pricing for a 20-year 1.4 mtpa deal that the two parties signed in 2009.

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Earlier:

INDIA: 

INDIA'S OIL CONSUMPTION UP TO 10.9% 

INDIA HAS FOUND GAS 

INDIA'S OIL RESERVES 

INDIA'S HIGH GROWTH 

THE BIGGEST ASIA'S LNG TERMINAL

 

QATAR: 

QATAR LNG UP 50% 

ИНВЕСТИЦИИ КАТАРА: $9 МЛРД. 

INDIA & QATAR NEGOTIATIONS 

СОТРУДНИЧЕСТВО КАТАРА И РОССИИ 

КАТАР ХОЧЕТ ДЕНЕГ

Tags: INDIA, QATAR, GAS, LNG

Chronicle:

INDIA SAVES $3 BLN
2017, December, 18, 12:20:00

AUSTRALIA STOPS COAL

PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.

INDIA SAVES $3 BLN
2017, December, 18, 12:15:00

EXXON - PETROBRAS ALLIANCE

Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

INDIA SAVES $3 BLN
2017, December, 18, 12:10:00

EXXON BOUGHT MOZAMBIQUE

ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.

INDIA SAVES $3 BLN
2017, December, 18, 12:05:00

U.S. RIGS DOWN 1 TO 930

U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.

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