ONGC Looks to Buy Out Shell Hazira

Monday, November 21, 2005
Oil and Natural Gas Corporation (ONGC) will soon make an offer for a complete buyout of the Hazira LNG terminal of Royal Dutchhell, according to a Business Standard report. Unlike Hindustan Petroleum Corporation , which is interested in picking up 26 percent equity in Shell Hazira, ONGC is mulling a total buyout of the LNG import and regasification terminal. Shell Hazira is finding it difficult to market LNG in India at the prevailing global prices. Its sole customer, Gujarat State Petronet Corporation, lifts LNG when there is demand from the customers in the state. In the absence of long-term supply agreements with Indian consumers, Shell Hazira picks up floating cargoes of LNG and brings the same to the Hazira terminal for sale at prevailing global LNG prices. This makes it difficult for Shell to reduce its offer price to Indian buyers, according to the report. On the other hand, Petronet LNG, a consortium of public sector companies importing LNG through Dahej terminal, has a long-term supply arrangement with RasGas of Qatar, which provides it with much required flexibility of entering into long-term sales agreements with the buyers. As such, it makes sense for ONGC to have a LNG terminal of its own. Source: Business Standard
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Scorpio Tankers Receive 7 More Newbuildings

Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered

LHA 6 'America' Maiden Voyage Completes at San Diego

The Navy informs that the soon to-be-commissioned amphibious assault ship 'USS America' (LHA 6) arrived at its homeport of San Diego after completing its two-month

Austal Delivers Fourth JHSV to the US Navy

The U.S. Navy accepted delivery of USNS Fall River (JHSV 4) from Austal USA yesterday, a week shy of six months from the date they took delivery of JHSV 3. This

LNG

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

China Orders More MAN Dual-Fuel Units

51/60DF engines to power LNGCs MAN Diesel & Turbo has announced a further order for its MAN 51/60DF engine. After a longer period of evaluation, an international consortium,

Poland Received Less Gas Than Requested from Gazprom

Poland's gas pipeline operator Gaz-System said the country received about 20 million cubic metres of natural gas on Friday from the eastern direction, less than

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1210 sec (8 req/sec)