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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
INDIA SAVES $3 BLN January, 21, 11:55:00

OIL PRICE: NEAR $63

INDIA SAVES $3 BLN January, 21, 11:50:00

OPEC CONFORMITY LEVEL 98%

INDIA SAVES $3 BLN January, 21, 11:45:00

OIL FOR CHINA: 12.05 MBD

INDIA SAVES $3 BLN January, 21, 11:40:00

CHINA'S GDP GROWTH 6.6%

INDIA SAVES $3 BLN January, 21, 11:35:00

FLAT US E&P CAPEX

INDIA SAVES $3 BLN January, 21, 11:30:00

SAUDI ARABIA INVESTMENT $10 BLN

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Chronicle:

INDIA SAVES $3 BLN
2019, January, 21, 11:25:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

The 3rd Latin America Energy Forum will address the needs of Latin America's evolving energy sector, exploring the evolution of the region’s energy mix and the role of gas in supporting the increased use of nonconventional renewables.

INDIA SAVES $3 BLN
2019, January, 21, 11:20:00

FASTEST RENEWABLE GROWING

U.S. EIA - EIA expects non-hydroelectric renewable energy resources such as solar and wind will be the fastest growing source of U.S. electricity generation for at least the next two years.

INDIA SAVES $3 BLN
2019, January, 21, 11:15:00

EMIRATES RENEWABLE INVESTMENT AED4.4 BLN

ENA - Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The Abu Dhabi Fund for Development believes in the vital role the renewable energy sector plays in attaining the sustainable development goals in developing countries. This important sector stimulates economic growth, creates employment opportunities, drives innovation, supports the advancement of other key sectors, and optimises the use of natural resources – all crucial factors in improving people’s lives."

INDIA SAVES $3 BLN
2019, January, 21, 11:10:00

RUSSIA, SERBIA NUCLEAR

WNN - Russia and Serbia have signed an intergovernmental agreement on cooperation in nuclear energy and a joint statement on strategic partnership for the construction of a centre of nuclear science, technology and innovation.

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