The good news for global natural gas exporters is that India’s largest utility is hunting for new supplies to import. The bad: It’s seeking shorter deals than have been traditional in the past.
India now consumes almost 22 million metric tonnes a year of liquefied natural gas, but that demand could double within just four to five years, according to BC Tripathi, the chairman of Gail India. As a result, his company wants to import more LNG, especially around 2023 and 2024. But he wants deals to last for just 10 years, rather than the more traditional 20.
“It’s becoming difficult for one to think long-term,” Mr Tripathi said in an interview Thursday at the World Gas Conference in Washington. “The amount of uncertainties has increased.”
While shorter deals allow buyers more flexibility, US developers have talked about the need for longer-term contracts to justify spending millions of dollars on new export terminals in the US. Cheniere Energy, for instance, recently announced an agreement to negotiate a 25-year deal with a Taiwan utility.
Those concerns may push India to look elsewhere for its deals. “We would like to remain engaged with our old suppliers,” Mr Tripathi said. “But we are also looking at new opportunities,” from Qatar’s expansion project to potential new supplies from East Africa, namely Mozambique.
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The gas that came in from the cold
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This year, the utility giant had 7 million tonnes per annum of new supply kick in, of which 3.8 was primarily from the start-up of Cheniere Energy’s new Louisiana LNG production plant and the rest from Dominion Energy launching exports from Maryland. About half a million tonnes came from Australia and the rest were from Russia, he said.
Right now, 60 per cent of Gail’s LNG supply is tied to crude and he doesn’t see Brent losing its dominance as the benchmark anytime soon. The rest is from the US Henry Hub benchmark, he said.
A sign of the market upheaval, Gail has already renegotiated contract terms with Qatar, Exxon Mobil and Russia’s Gazprom, he said. The company abandoned attempts to do the same with Cheniere Energy, which had made public comments that a contract is a contract.
“I appreciate the contract sanctity is paramount and I expect the same, but sometimes when the market goes beyond the fairly manageable limits of either side, the spirit of the contract is that we sit down and readjust,” Mr Tripathi said. “It’s not that somebody’s pain is somebody’s gain. If there is a spirit it’s win-win spirit.”
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The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
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Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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UAE currency: the story behind the money in your pockets
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- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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Saturday, November 24
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Scotland 14-9 Argentina
England 37-18 Australia
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
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Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
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