Iran, India SPA No Longer Valid

Wednesday, February 01, 2006
Last October, Tehran linked its energy dialogue to India’s nuclear diplomacy asking New Delhi to support Iran in the next meeting of the IAEA board of governors in November. That November meeting saw no vote and now Iran is back to flexing its energy muscle ahead of the crucial IAEA meeting this week, the Indian Express reported. After having signed a Sale Purchase Agreement (SPA) last June to export 5 million tons per annum of LNG to India at a price linked to $31-per barrel crude, the National Iranian Gas Export Company (NIGEC) told India that the price agreed to in that pact is no longer valid.

This despite the fact that Tehran never raised the issue of a price hike even when international crude had touched $68 a barrel last August. However, a spokesman for the NIGEC told a visiting Indian team earlier this month that it wanted to re-negotiate the price at current market conditions. The Indian team was headed by Joint Secretary (Gas) Ajay Tyagi and included GAIL (India) Ltd’s Director (Business Development) B S Negi. Last June, three separate SPAs were signed: between NIGEC (from the Iranian side) and GAIL (India) Ltd, Indian Oil Corp and Bharat Petroleum Corp (from Indian side) for export of 5 million tons of LNG. An agreement for an additional 2.5 million tons could not be reached due to the higher price being sought by NIGEC than what was agreed for the 5 million tons. Later, in October, Iran withdrew its price offer for the additional 2.5 million tons on the grounds that crude prices had skyrocketed.

(Source: Indian Express)

Maritime Today


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

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

News

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

US Navy Updated Zika Virus Infection Guidance

Navy Medicine released updated Zika Virus Infection guidance in NAVADMIN 121/16, May 26, communicating current information, travel precautions, and risk reduction

CBP, AMO Unveils New Interceptor Vessel

U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO) and SAFE Boat International celebrated the unveiling of AMO’s newest coastal interceptor vessel (CIV) Thursday.

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar 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: 0.0848 sec (12 req/sec)