Iran, India SPA No Longer Valid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barrel crude, the National Iranian Gas Export Company (NIGEC) told India that the price agreed to in that pact is no longer valid.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 November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Tidal Energy from Deep and Slow Waters

Deep Green, an underwater kite construction from the Swedish company Minesto, is set to be deployed in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales.

Philippines Takes South China Sea Claim to Hague

Could bolster claims by other countries against China; China boycotting proceedings, rejects court's authority. The Philippines asked global judges on Tuesday

Fredriksen's Firms See Diverging Fortunes

Rig firm Seadrill sees tough market continuing in 2016. Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.


Fincantieri Launches Nuclear Waste Vessel for Russia

New semisubmersible floating platform will be used to transport special material decommissioned by the Russian Navy    Itarus, the new semisubmersible floating

Port of Bronka Prepares for Opening

Technical plant and equipment installation for the first stage of Bronka’s port facilities is now complete with the Liebherr LHM 800 mobile port crane installed at the end of September,

Vesper Marine Debuts New AIS Transponder

Marine safety products manufacturer Vesper Marine has released a new Class B Automatic Identification System (AIS), the XB-6000. The black box transponder includes

Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.0961 sec (10 req/sec)