India is trying to renegotiate LNG deal with Australia and looking at lowering the price of liquefied natural gas it plans to buy from the Gorgon project, says a report form PTI. According to sources, when LNG deals are being done at 12 per cent or 12.5 per cent indexation, the Gorgon deal is certainly on the higher side. Hence the Oil Ministry instructed Petronet LNG, a private firm whose chairman is the oil secretary of India, to rework the price. Petronet had in August 2009 signed a 20-year deal to buy 1.44 million tonnes per annum of liquefied natural gas (LNG) at a price equivalent of 14.5 per cent of the prevailing oil rates. The indexation agreed was one of the highest in the world, feels the Oil Ministry and the current company management, hence written to Exxon Mobil, the seller of Gorgon LNG, for reworking the price. "Oil prices have fallen from over USD 100 per barrel that translated into a price of USD 14.5 per million British thermal unit for Gorgon LNG. But even through rates are less than half of that, still as a matter of principle, the indexation should be lowered," the source said. LNG in spot or current market is available at USD 5-6 per mmBtu where as Gorgon LNG at current formula will cost USD 6.5 per mmBtu at on oil price of USD 45 per barrel.
Iran and Malaysia's SKS have signed a $16b preliminary deal to develop Iran's southern Golshan and Ferdos gas fields and build plants to produce liquefied natural gas (LNG), according to reports. Source: Reuters
Singapore’s SembCorp Marine Ltd has announced a long-term contract from Australia’s North West Shelf venture (NWS) to provide dry-docking, refit, and other marine services, for their fleet of LNG ships. This breakthrough contract signifies the first time that a major LNG consortium has committed itself to a long-term maintenance and refit contract in the region. At a time when Singapore is preparing itself to be a major hub and player in the LNG sector
The Egyptian Natural Gas Holding Company (EGAS) signed an initial agreement with Russian company Rosneft to supply oil products and liquefied natural gas (LNG) shipments. The document defines key terms of the future cooperation between the companies in the area of LNG supplies. The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies.
India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI. The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of the prospects for the removal of sanctions against Iran. "Dialogue has been initiated with Iranian counterparts to revive the LNG supply long-term SPA
Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports, the country's energy minister said on Monday. Russia's Gazprom had enjoyed a supply monopoly until the end of 2014, when Lithuania opened a floating LNG import terminal to reduce energy dependence on its former Soviet master. That allowed it to import gas from Norwegian tankers, as well as via pipeline from Russia.
Britain's BG Plc secured rights to deliver liquefied natural gas (LNG) through one of only two functioning import terminals serving booming U.S. energy markets. The UK gas producer will have use of 80 percent of capacity at CMS Energy's Lake Charles, La., facility from January 2002. It will have use of total capacity from September 2005 after a contract ends with an existing customer. Financial terms were not disclosed
Reuters has reported that Iranian shipbuilder SADRA said it would build 10 ships for Belgium's Exmar to export Iranian liquefied natural gas (LNG) although Iran's efforts to produce the fuel are deadlocked. The total value of the 10 high-technology vessels would be $2.4b, Iran's Industry Minister Alireza Tahmasbi told state television. He told the ISNA students news agency that SADRA might sign a another deal for four more ships.
International LNG Alliance (ILNGA) Executive Director, David Sweet congratulated Secretary of Energy Spencer Abraham on successfully bringing together global leaders from government and industry for the LNG Ministerial Summit. "This historic event will be the catalyst for numerous deals and initiatives that will bring additional supplies of LNG to the United States. The dialogue at the Summit confirms that LNG can play a significant role in meeting U.S
Vitol will supply Egypt with nine LNG cargos for two years starting June 2015, an Egyptian oil ministry statement said on Thursday. The statement said the ministry was also finalizing talks with BP over a deal to supply the country with 21 LNG cargoes. The latest contracts were part of a highly sought-after tender to buy 75 LNG cargoes. (Writing by Yara Bayoumy; Editing by David Holmes)
DryShips Inc. announced today that, it has agreed to enter into a “zero cost” Option Agreement (“LPG Option Agreement”) with companies controlled by its Chairman and Chief Executive Officer, Mr. George Economou, to purchase up to four high specifications Very Large Gas
Mitsui O.S.K. Lines, Ltd. today announced that the LNG carrier CESI Qingdao — ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited and China Petroleum & Chemical Corporation (SINOPEC) — was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd
Vard Holdings Limited (“VARD”)secured contracts for the construction of two LNG powered car- and passenger ferries for Torghatten Nord in Norway. The total contract value amounts to approximately NOK 600 million. The new car- and passenger ferries are designed for environmentally
China's state-owned energy company CNOOC diverted two cargoes of imported liquefied natural gas (LNG) after a pipeline fire in northern China's Tianjin, though imports were normal as of Monday, traders with knowledge of the matter said on Tuesday.
Maritime Reporter & Engineering News (www.marinelink.com), published since 1939, annually publishes details on the world’s “Great Ships of the Year.” Of the 18 selected as “Great Ships of 2016,” here we rank the Top 10 Ships of 2016
Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) signed an initial agreement with India's energy company Petronet LNG Limited to set up an LNG re-gasification terminal on Kutubdia Island and a pipeline at an estimated cost of $950 million.
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Seri Camellia - New LNG Carrier for MISC Berhad
Skangas signed an agreement with Statoil, the Norwegian oil and gas company, for a small-scale LNG reload to take place at the Klaipeda LNG Terminal in Lithuania. The reload will take place early January 2017. This will be the first reload conducted at the terminal and it is
Wärtsilä has signed a ten-year maintenance agreement with MOL LNG Transport Europe Ltd., an affiliate of the Japanese MOL Group. The agreement, which covers two LNG carriers, increases the predictability of the vessels' operations, enhances safety and reduces operational costs
Wison Offshore & Marine has developed a range of solutions for floating power supply. With design philosophy of “plug-in power”, all products which are named W-FSRP series (Wison-Floating Storage Regasification and Power generation) feature integrated functions of LNG loading and
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. This year 18 ships in total were honored, including many “world firsts.” Ternsund - LNG fueled tanker with Direct Drive Permanent Magnet Shaft
Following Samsung Heavy Industries’ (SHI) order announced last October 11, 2016, the new GTT's Mark V technology is confirmed as the technology to equip the new LNG carrier ordered by the European ship-owner Gaslog. The vessel will be built at SHI's shipyard in Goeje Island
Low energy prices, depressed day rates and slow growth of bunkering infrastructure has dampened progress for the marine industry’s ‘white knight’ of environmentally friendly fuels. LNG, nevertheless, is here to stay. Slow Start
To be completed at the Meyer Turku shipyard in late January, Tallink’s new liquefied natural gas (LNG) powered fast ferry M/S Megastar was bunkered with LNG for the first time at the newly opened Skangas Pori LNG terminal on January 4. Her maiden voyage will take place from Tallinn to
Japan's JERA Co said on Friday it imported the country's first liquefied shale gas cargo from the United States as part of efforts to diversify its supply. This also marks Japan's first import of liquefied natural gas (LNG) produced in the contiguous United States