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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, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

INDIA SAVES $3 BLN
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

INDIA SAVES $3 BLN
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

INDIA SAVES $3 BLN
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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