The Union cabinet has approved signing of an agreement with Japan to enable swapping of liquefied natural gas (LNG) supplies from overseas so as to save on transportation costs, and to build a gas trading platform in the country.
The Cabinet today gave clearance for signing of agreement with Japan for setting up of flexible and global Liquefied Natural Gas (LNG) market.
After getting Qatar and Australia to lower gas price, India is seeking to renegotiate rate of LNG(liquefied natural gas) it has contracted from the US and Russia to reflect current market realities, GAIL Chairman and MD B C Tripathi said on Wednesday.
GAIL (India) is working towards lowering the supply cost of imported liquefied natural gas (LNG) by reworking the existing deals.
Gas demand could grow rapidly in Asia as it becomes cheaper, with the generally-shared view that until 2024 there will be more sellers than buyers, delegates heard at the CWC LNG conference in Singapore September 20-21.
Japan’s leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy.
State-run gas utility GAIL is betting big on swap deals to keep the cost of liquid gas, imported under contracts signed during times of high global prices, competitive in the Indian market.
State-owned GAIL India today said it has swapped 60 per cent of the 5.8 million tonnes per annum of liquefied natural gas (LNG) it has contracted from the US as it rejigs supply portfolio in line with domestic demand.
Mumbai-based Tata Motors is in talks with Indian Oil Corporation Ltd (IOC) and Petronet LNG Ltd (PLL) for developing related infrastructure for its LNG buses along the high-density Delhi-Mumbai and Kolkata-Bengaluru corridors.
India has agreed to buy an extra one million tonne of liquefied natural gas (LNG) from Exxon Mobil’s Gorgon project in Australia in a trade-off for cheaper rates for the originally-contracted volume.