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India Ltd News

03 Aug 2023

India's GAIL Close to Finalizing Qatar LNG Purchase Deal

Credit: Anatoly Kolodey/AdobeStock

GAIL (India) Ltd is close to finalizing a long-term liquefied natural gas (LNG) import deal with Qatar to buy at least 1 million metric tons per year, potentially for more than 20 years, three industry and trade sources said.The deal would be part of GAIL's plans to lock in new supply contracts by 2030 to diversify its gas imports and hedge against supply disruptions like those seen after Russia's invasion of Ukraine last year, when LNG prices surged to a record high.Neither state…

11 Apr 2023

India Set to Finally Privatize Shipping Corp of India after Years of Delay

The Indian government plans to invite financial bids for the privatization of Shipping Corp of India Ltd (SCI) next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters.The Prime Minister Narendra Modi-led government had, in 2019, announced plans to privatize a number of state-run companies, including selling its stake in SCI, which was stalled due to regulatory delays.SCI – which owns and operates bulk carriers and crude oil tankers, among others – had to spin off its non-core assets before the government could sell its 63.75% stake, which hit a roadblock over the amount of funds to be transferred to the demerged entity.SCI completed the spinoff last month after getting regulatory approval late in February.This demerged entity…

26 Oct 2021

India Receives First LNG Cargo from Yamal LNG Project

Marshal Vasilevsky carrier - Credit: Vladimir Belyaev

India received its first import of liquefied natural gas (LNG) from Russia's Yamal LNG project over the weekend, Refinitive Eikon LNG flows data showed.The cargo was supplied by Russian gas company Gazprom under its long-term LNG sales deal with GAIL (India) Ltd, an industry source said.The cargo on board the Marshal Vasilevsky sailed through the Northern Sea Route, Pacific Ocean, and Indian Ocean before arriving at GAIL's Dabhol terminal over the weekend, the ship-tracking data…

15 Sep 2021

Maryland Cove Point LNG Export Plant to Start Work Next Week

(Acroterion / CC BY-SA 3.0)

Berkshire Hathaway Energy's Cove Point liquefied natural gas (LNG) export plant in Maryland will shut for about three weeks of maintenance starting around Sept. 20, according to pipeline data and analysts.Officials at Berkshire Hathaway Energy on Wednesday confirmed the pipeline and compressor station maintenance will start on Sept. 20 but would not confirm the shutdown of the liquefaction plant until about the day before an outage.Traders noted the reduction in gas flows to LNG export plants should weigh on U.S.

07 May 2020

Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts

Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. The world's biggest LNG markets - Japan, China, South Korea, and India - are all seeing a drop in demand. Asia's spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) last week, the lowest ever, as cargoes have flooded the market. "At prices in the $2/mmBtu range ... some producers are getting close to not recovering cash costs of their operations.

01 Jan 2020

India to Lead Asia New-Build Pipeline Growth

India is expected to lead Asia’s oil and gas new-build trunk/pipeline length additions, contributing around 53 percent of Asia’s planned and announced pipeline length additions between 2019 and 2023.According to a report from GlobalData, India is expected to have new-build pipeline length of 23,360.6 km by 2023.Varun Ette, Oil and Gas Analyst at GlobalData, said: “In India, 42 new-build pipelines are set to start operations by 2023, out of which 29 are planned and remaining 13 are from early-stage announced pipelines. Jagdishpur–Haldia is the longest upcoming pipeline in the country with a length of 2,655.0 km. It is a natural gas pipeline expected to start operations in 2020.

20 Jun 2019

GAIL Hires LNG Carrier from MOL

India's state-run natural gas firm GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier on short-term charter from Japan's shipping giant Mitsui O.S.K. Lines (MOL).MOL, the world’s largest operator of LNG carriers, in its press release, did not disclose further details of the charter deal, including the duration of the contract, the name of the ship and the day rate.GAIL is the largest natural gas Company of India with approx. 11,400 Km of cross country existing trunk pipeline network and another 4,000 Km pipelines in advance stage of completion. GAIL is ranked no. 1 gas pipeline company in India and among the top gas utilities in Asia.GAIL currently holds a LNG / RLNG portfolio of about 14 MTPA from various long and short-term contracts.

31 Jan 2019

Norden Gets Sembcorp Contract

Danish shipping company Dampskibsselskabet Norden has signed a ten-year Panamax contract of affreightment (COA) with Indian utility firm Sembcorp Energy India.Commencing April 1, Norden will carry out the transportation of steam coal in panamaxes totalling 12 million tonnes over the ten-year period  from Indonesia and South Africa to the port of Krishnapatnam in East Coast India.The voyages will be carried out on both Norden owned and chartered vessels.Norden pointed out in a press release that demand for energy in India is on the rise in line with the country’s economic expansion. Sembcorp Energy India Ltd is a leading independent power producer in India…

06 Aug 2018

Ports to Acquire Controlling Stakes in Dredging Corporation of India

India's three major ports, including Paradip in Odisha, may acquire a stake in Dredging Corporation of India (DCI) based on availability of surplus funds lying with them."In a meeting chaired by Secretary (Shipping) with Chairmen/Chairmen I/C of Major Ports, held on 18th June 2018, the disinvestment proposal of Dredging Corporation of India Ltd (DCI) was discussed," Minister of State for Shipping Mansukh L Mandaviya informed the Parliament."It was suggested that Visakhapatnam Port Trust (VPT), Paradip Port Trust (PPT) and New Mangalore Port Trust (NMPT), based on the availability of surplus fund lying with them may strive to acquire shares of DCI given the linkage of dredging activity with the Ports…

16 Apr 2018

First Cove Point LNG Lifting Departs Maryland

The first contractual liquefied natural gas (LNG) cargo from Dominion Energy Inc's newly constructed Cove Point LNG export plant in Maryland in the United States left the facility on Monday, Thomson Reuters Eikon ship tracking data showed. The cargo is expected to act as a drag on spot LNG prices <LNG-AS> as it coincides with the resumption of exports of the fuel from the Papua New Guinea LNG plant, which had been shut following a powerful earthquake. The 160,000-cubic metre LNG tanker Adam LNG left Cove Point on Monday with a draft of 91 percent, suggesting it was full, according to the data. Its destination was not immediately clear. The facility has exported two commissioning or test cargoes already, which were sold to Royal Dutch Shell.

30 Mar 2018

GAIL India to get 90 LNG Cargos from U.S. in 2018

India's state-owned GAIL (India) Ltd on Friday said it would be annually receiving about 90 cargoes of liquefied natural gas (LNG) from Sabine Pass and Cove Point LNG terminals in the U.S.   GAIL has long-term deals to annually buy 5.8 million tonnes U.S. LNG. GAIL would be procuring about $2 billion worth of LNG per annum from USA from the fiscal year 2018/19.   GAIL on Saturday received its first consignment of LNG from the U.S. under the long-term deals at Dabhol terminal in western India. Reporting by Nidhi Verma

02 Mar 2018

First LNG Export Cargo Departs Cove Point LNG

The Gemmata liquefied natural gas tanker left Dominion Energy Inc's Cove Point LNG export facility in Maryland early Friday, likely carrying the first export cargo from the facility that was expected to enter service in March, according to Reuters shipping data and energy traders. Officials at Dominion were not immediately available for comment. When the Gemmata docked at Cove Point earlier this week, analysts said it would likely be the first vessel to pick up fuel from the facility since the tanker came from Spain - a non-LNG exporting country - with less than a full cargo. Dominion has spent about $4 billion to add export facilities at Cove Point, long an LNG import terminal on the Chesapeake Bay.

26 Feb 2018

Vessel Docks at Maryland Cove Point LNG Terminal

Gemmata could be the first vessel to pick up fuel from the facility since the tanker came from Spain - a non-LNG exporting country - with less than a full cargo, according to the shipping data. In addition to Gemmata, another vessel, the Methane Spirit, is also headed for Cove Point, according to the shipping data. Methane Spirit is located near Singapore and is expected to reach Cove Point around March 31. Once it enters service, Cove Point will be the second big LNG export terminal in the lower 48 U.S. Cove Point is designed to liquefy about 0.75 billion cubic feet per day (bcfd) of gas. One bcfd can power about 5 million homes. In December, Dominion said Royal Dutch Shell Plc would take the initial LNG cargoes from Cove Point.

16 Feb 2018

Cheniere's LA Sabine Pass LNG Output Dips

The volume of gas flowing into the facility dropped from about 3.2 billion cubic feet per day on Wednesday to 2.8 bcfd on Thursday and a projected 1.5 bcfd on Friday, Reuters data showed. One bcfd is enough gas to fuel about five million U.S. homes. The plant had been operating near full capacity with about 3.2 bcfd of gas flowing in since mid-January when freezing water during a brutal cold snap forced the company to briefly reduce operations. Officials at Cheniere would not comment on the latest reduction. Earlier this week, the company said its operations were not affected following an order on Feb. 8 from federal regulators to shut two cracked storage tanks that leaked the super-cold fuel.

15 Feb 2018

Cove Point LNG Terminal's First Export Imminent

Methane Spirit, a liquefied natural gas tanker, said on Thursday it would arrive at Dominion Energy Inc's Cove Point LNG export facility in Maryland around March 31, according to Reuters shipping data. If correct, that could be the first vessel to pick up a cargo from the LNG facility, which Virginia-based Dominion said it expects to enter service in March. Dominion said it planned to spend $4 billion to add export facilities at Cove Point, long an LNG import terminal on the Chesapeake Bay. The Methane Spirit is currently off the coast of Japan where it was expected to drop off a cargo from Australia, according to the shipping data. Once it enters service, Cove Point will be the second big LNG export terminal in the lower 48 U.S.

04 Feb 2018

Dominion Starts Cove Point LNG Production

Dominion Energy Cove Point (DECP) has begun producing liquefied natural gas with its newly constructed natural gas liquefaction facility undergoing commissioning in Lusby, MD. All major equipment has been operated and is being commissioned as expected following a comprehensive round of testing and quality assurance activities. Shell NA LNG is providing the natural gas needed for liquefaction during the commissioning process and will off-take by ship the LNG that is produced. When commissioning is complete, DECP will produce LNG for ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD under 20-year take-or-pay contracts. DECP's liquefaction facility has a nameplate capacity of 5.25 mtpa of LNG.

19 Dec 2017

Dominion Energy Denies LNG Contract Renegotiations

File photo: The first commissioning cargo is loaded at the Sabine Pass LNG Terminal in February 2016 (Photo: Cheniere Energy)

Dominion Energy Inc said on Tuesday it had no plans to renegotiate any of its liquefied natural gas sales contracts, a day after India's oil minister said state-owned gas processor GAIL (India) Ltd was renegotiating deals with Dominion and another U.S. producer. "The characterization of contract renegotiations is false ... and Dominion Energy does not intend to renegotiate contract terms in the future," the company said in a statement. India's oil minister Dharmendra Pradhan told lawmakers on Monday that GAIL was renegotiating purchase contracts with Dominion Energy and Cheniere Energy Inc…

10 Aug 2017

US Expects East Coast LNG in 4Q 2017

Dominion Energy has announced that the 750 million cubic feet per day (MMcf/d) Cove Point Liquefaction Project is in its final stages of construction, confirming with EIA that it is 95% complete as of August 2 and expected to be in-service in the fourth quarter of 2017. Located on the Chesapeake Bay in Lusby, Maryland, it will be the second large-scale liquefaction export facility to begin operations in the Lower 48 states and the first on the East Coast, said a press statement from U.S. Energy Information Administration. In addition to construction of the liquefaction terminal, which began in October 2014, this project includes the installation of additional compression at Dominion’s Pleasant Valley compressor station in Fairfax County…

28 Jul 2017

Indian Ports Buoy by Healthy Growth in Cargo

Indian port sector players will continue to experience healthy growth in cargo in the near term, PTI reported quoting rating agency Icra. Traction in Inland Waterway projects will open up several business opportunities for the port sector players. "Over the medium to long term, cargo growth is expected to gain further traction driven by domestic requirements of coal for power and other sectors, crude oil, for meeting domestic petroleum requirements and containers, given the cost and logistical advantages associated with containerisation." Icra said in a statement. "Port sector players will continue to experience healthy growth in cargo in the near term…

03 Mar 2017

GAIL, Gunvor Sign Time-Swap for U.S. LNG

State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its U.S. gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling.

11 Feb 2017

SCI's profits Rise

The Shipping Corporation of India Ltd (SCI) has reported a net profit of Rs.7.25 crores for the financial quarter ended 31st December 2016 (Q3 FY16-17) as compared to a loss of Rs. 20 crores reported during the quarter ended 30th September 2016 (Q2 FY16-17). With this, SCI’s net profit for the nine month period ended 31st December 2016 has increased to Rs. 43.16 crores.   Increase in the Operating Income of the company during Q3 FY16-2017 is mainly attributed to the increase in tanker freights. Increased revenue in the offshore and liner segments of SCI has further added to the profitability

10 Dec 2016

SCI Led JV Takes Delivery of LNG Carrier “PRACHI"

A Joint Venture comprising The Shipping Corporation of India Ltd. (SCI), Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and Petronet LNG Ltd (PLL), have taken delivery of a new build Liquefied Natural Gas (LNG) carrier MT “PRACHI” having a capacity of 173,000 m3, from Hyundai Heavy Industries Co. Ltd. South Korea on 30th November, 2016. Simultaneously, the vessel has been delivered to Petronet LNG Ltd, New Delhi India’s first importer of LNG on a 19 year charter. Since 2004, Petronet has imported 5 million tons of LNG a year from Qatar, and an additional 2.5 million tons per year since 2009, using three LNG carriers.

07 Dec 2016

New LNG Carrier Delivered for Petronet

Photo: Petronet LNG

A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea. The vessel, Prachi, has a capacity of 173,000 m3 and was built to order by Hyundai Heavy Industries Co. Ltd. based on a long-term time charter contract with Petronet LNG Limited (PLL). A naming ceremony for the ship was held on October 18, 2016.