Oil Ministry Hopes to Get Iran LNG Contract

Friday, February 03, 2006
With the UN referral issue creating uncertainty about India's future relations with Iran, the Petroleum Ministry is fairly assured of the supply of five-million-ton contracted liquefied natural gas (LNG) from Iran. According to the Hindu Business Line, the 5 mt per annum LNG deal was legally binding, which ends speculations that the $20 billion LNG deal with Iran may be in trouble. The ongoing negotiations with Iran are for the additional 2.5 mt per annum. The issue of pricing for the contracted 5 mt LNG was not discussed during the recent high-level meeting between the two countries in Tehran. Negotiations for an additional 2.5 mt per annum would be tough, not just because of the way India votes on the referral issue but also because the new government in Iran has some new ideas about gas exports. Recently, there were reports that Iran had sought an increase in the price, not only for the additional 2.5 mt per annum but also for the contracted 5 mt. These reports said that after having signed a Sale Purchase Agreement (SPA) last June to export five-mt per annum of LNG at a price linked to $31 per barrel crude, the National Iranian Gas Export Company (NIGEC) had now informed India that the price agreed to was no longer valid. (Source: The Hindu Business Line)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Maersk Venturer to Drill for Total

Maersk Drilling has been awarded a contract for the drillship Maersk Venturer with oil major Total. The contract covers one exploration well (estimated duration

Shipping Industry Supports Global Climate Change Deal

The global shipping industry, represented at the United Nations Conference in Paris by the International Chamber of Shipping (ICS), fully supports a global deal on climate change.

Three Specialists join Wood Group

Wood Group has appointed three senior engineering specialists who will lead a new team of up to 20 people in the UK to further build Wood Group’s capability in vibration, dynamics and noise.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0727 sec (14 req/sec)