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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
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

INDIA SAVES $3 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

INDIA SAVES $3 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

INDIA SAVES $3 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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