india renegotiates lng deal with exxon
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

India renegotiates LNG deal with Exxon

Arab Today, arab today

Arab Today, arab today India renegotiates LNG deal with Exxon

India renegotiates LNG deal with Exxon
NEW DELHI - Arab Today

India has renegotiated the pricing of liquefied natural gas (LNG) imported from Australia’s Gorgon project to make the imported fuel affordable to price-sensitive domestic customers, oil minister Dharmendra Pradhan said on Saturday.
India has been trying to leverage its position as one of the biggest energy consumers to strike better bargains for its companies. In 2015 it renegotiated the LNG pricing formula with Qatar’s Rasgas to buy the gas at half the original price.
“Indian customers will receive (Gorgon) LNG volumes at an amicable price soon. This is done in a similar way to what we did with LNG from Qatar,” Pradhan said in a tweet.
India’s top gas importer Petronet LNG signed a deal in 2009 with Exxon Mobil to buy 1.5 million tons of LNG annually from Gorgon for 20 years. At that time Petronet agreed to buy LNG at a cost equivalent to 14.5 percent of the oil price and to pay for the shipping freight as well.
Supplies under the deal began from January 2017, with the landed price of gas costing about $11-$13 per million British thermal units (mmBtu), almost double that of Asian spot LNG prices.
The Gorgon gas prices are now linked to about 13-13.5 percent of the global oil price on a delivered basis, two sources with knowledge of the negotiation said.
Renegotiation of the deal also shows how softening oil prices and a global supply glut are forcing LNG exporters to offer better deals to retain their share in global energy markets.
India wants to gradually move to a gas-based economy and aims to double the cleaner fuel’s share in its energy mix to 15 percent in the next few years.
Petronet’s managing director Prabhat Singh declined comment and Pradhan did not specify changes in the pricing formula.
“Happy to share good news that India has, yet again, been able to address the long-term price issue of LNG from Gorgon to suit Indian market,” Pradhan said in a tweet.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india renegotiates lng deal with exxon india renegotiates lng deal with exxon

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india renegotiates lng deal with exxon india renegotiates lng deal with exxon

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday