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Betul (Goa), <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is likely to sign a USD 78 billion deal to extend <keyword id="19905315" type="General" weightage="20" keywordseo="lng" source="keywords">LNG</keyword> imports from Qatar by another 20 years till 2048 at rates lower than current prices, sources said. <keyword id="20475720" type="General" weightage="20" keywordseo="petronet-lng-ltd" source="keywords">Petronet LNG Ltd</keyword>, India's biggest liquefied natural gas (LNG) importer, is likely to sign a deal with QatarEnergy to extend a 2004 deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting to CNG, on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. <keyword id="20387238" type="General" weightage="20" keywordseo="petronet" source="keywords">Petronet</keyword> imports 8.5 million tonne per year (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and is now being extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated separately, sources said. Qatar's energy minister and top officials of QatarEnergy are attending the IEW here. India, the world's third biggest energy consumer, sees natural gas as a transition fuel for migrating to net zero carbon emissions by 2070. As part of this, the government is targeting to raise the share of natural gas in the country's energy mix to 15 per cent by 2030 from 6.3 per cent now. Sources said the current deal is priced at 12.67 per cent of prevailing Brent crude oil prices plus a fixed component of USD 0.52 per million British thermal unit. Under the new contract, the slope would remain more or less the same but the fixed charge of USD 0.52 would be scrapped, they said. Also, India will save an additional USD 0.30 per mmBtu on shipping charges as Qatar has agreed to convert the deal to Delivered Ex Ship (DES) from Free on Board (FOB), thereby undertaking responsibility of shipping. At USD 80 per barrel Brent crude oil price, the annual 7.5 MTPA import will cost USD 3.9 billion annually and over a 20-year period it would total to over USD 78 billion. While 7.5 MTPA of LNG is bought by Petronet, the firm's promoters state-owned Indian Oil Corp (<keyword id="19942852" type="General" weightage="20" keywordseo="ioc" source="keywords">IOC</keyword>), Bharat Petroleum and GAIL (India) buy a combined 1 MTPA of LNG. Sources said the new deal will allow the Indian buyers to decide which terminal in India will receive cargoes. Under existing deals, Qatar delivers LNG at Dahej in Gujarat. Sources said the freedom to decide on the arrival terminal will result in additional savings in cost for transporting the fuel through pipelines within the Indian grid.

India to sign $78 billion deal to extend Qatar LNG imports

New Delhi, <keyword id="1364237" type="General" weightage="80" keywordseo="cryogenic" source="Orion">Cryogenic</keyword> tank maker <keyword id="1409241" type="General" weightage="50" keywordseo="inox-india-ltd" source="Orion">Inox India Ltd</keyword> has filed preliminary papers with capital market regulator Sebi to mop up funds through an <keyword id="35216" type="General" weightage="80" keywordseo="initial-public-offering" source="Orion">initial public offering</keyword>. The Initial Public Offering (IPO) is entirely an Offer For Sale (OFS) of up to 2.21 crore shares by its existing shareholders and promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday. Those offering shares in the OFS are Siddharth Jain, Pavan Kumar Jain Nayantara Jain, Ishita Jain, and Manju Jain. Since the issue is completely an OFS, the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders. Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders. <keyword id="90050" type="General" weightage="100" keywordseo="inox-india" source="Orion">Inox India</keyword>, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction. ICICI <keyword id="18590863" type="General" weightage="50" keywordseo="securities-and-axis-capital" source="Orion">Securities and Axis Capital</keyword> are the book-running lead managers to the issue.

Cryogenic tank maker Inox India files draft papers with Sebi for IPO

<ul><li>A total of 75 component makers have been approved by the government for incentives under the auto component PLI scheme.</li><li>Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi are among companies that have been approved for the scheme.</li><li>Auto company shares were among the outliers performing well in the weak market on Tuesday.</li></ul>About 75 auto component makers have been approved by the government for incentive under the production linked incentive (PLI) scheme. Maruti Suzuki, Hero MotoCorp, Toyota, Motherson Sumi, Bosch, Mitsubishi Electric and Tata Autocomp are among the list of companies that have been approved for the scheme. PLI is a form of incentive from one entity to another, such as from the government to industries. It provides incentives to domestic industries to boost local production. The auto PLI scheme is aimed at giving a push to advanced automotive technologies and manufacturing of electric vehicles in India. The government said that the PLI scheme for the auto sector envisages to overcome the cost disabilities of the industry for manufacture of advanced automotive technology products in India. The incentive structure will encourage industry to make fresh investments for indigenous global supply chains of advanced automotive technology products. Reportedly over 100 companies had applied for the PLI scheme. A report by CNBC-TV18 said that incentives in the range of 8-13% would be given to companies that are making components for safety, flex fuels, compressed natural gas (CNG), liquefied natural gas (LNG), emission control, passenger convenience, fuel efficiency, and sensors, while a higher range of incentives — 13 to 18% would be given to companies making components for hydrogen and electric vehicles. While the market remained under pressure due to high inflation and geopolitical tensions, shares of automobile companies were trading higher on March 15. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change as of 2:15 p.m. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Balkrishna Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Forge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+0.31% </td></tr></tbody></table> What is Government PLI Scheme PLI is a form of incentive from one entity to another, such as from the government to industries. It provides incentives to domestic industries to boost local production. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zerodha-founders-and-boats-aman-gupta-others-invest-150-million-in-licious/articleshow/90220096.cms">Zerodha founders, BoAt’s Aman Gupta and others invest $150 million in Licious</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/how-to-apply-for-latest-ruchi-soya-fpo/articleshow/90218887.cms">Ruchi Soya FPO – All you need to know about FPOs and how to apply</a>

Auto stocks turn outliers in a weak market as government approves 75 auto firms for PLI scheme

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced a cut in custom duty on LNG to 2.5 % from 5 % and it led to advancement in the shares of <keyword id="62667" type="COMPANY" weightage="100" keywordseo="Petronet-LNG">Petronet LNG</keyword> as much 4.22 %. Around 12:45 pm, the scrip was trading 3.34 % up at Rs 386.45. 
 
The shares of the company opened at Rs 376.95 and touched a high and low of Rs 389.75 and Rs 371.10 in trade. Benchmark BSE was trading almost flat at 27,655.11. 
 Petronet <keyword id="530859" type="ORGANIZATION" weightage="20" keywordseo="LNG-Ltd">LNG Ltd</keyword> is an oil and gas company formed by the government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country.

Petronet LNG shares advance over 4% on cut in custom duty

New Delhi, Mar 23 () The Petroleum Ministry has received several complaints of alleged corruption and irregularities against the CEO and other officials of Petronet LNG Ltd, Oil Minister Dharmendra Pradhan said on Monday. In a written reply to a question in Lok Sabha, Pradhan said the complaints against the Managing Director and CEO of Petronet and other officers were forwarded to the Chairperson of Audit Committee of the company for appropriate action. Prabhat Singh has been the Managing Director and CEO of Petronet LNG Ltd (PLL), India's biggest liquefied natural gas importer, since September 2015. His five-year term comes to an end in six months from now and he is eligible for a two-year extension of service till he achieves the superannuation age of 65 years. "Several complaints have been received in Ministry of Petroleum and Natural Gas against MD &amp; CEO, PLL and other officers of PLL regarding alleged corruption/irregularities which were forwarded to Chairperson, Audit Committee, PLL for taking appropriate action," Pradhan said without giving details. He said PLL has its own board-approved vigilance mechanism whereby the board has nominated Chairperson, Audit Committee as nodal officer to deal with all the complaints received against functional directors. According to PLL's website, independent director Jyoti Kiran Shukla is the Chairperson of the Audit Committee. The panel comprises of three other independent directors. Shiv Sena MP Krupal Balaji Tumane had asked Pradhan if the government has conducted any investigation into the complaints received. Asked if the government has conducted any audit of the accounts of PLL regarding the irregularities during the last three years, the Minister said, "PLL is a board managed company and not a government company as per Companies Act." "Further, Audit Committee of the Board reviews and monitor auditing mechanism and ensures compliance to best auditing and corporate governance practices," he said. According to Pradhan, four government oil and gas public sector undertakings -- Bharat Petroleum Corp Ltd (BPCL), GAIL India Ltd, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) -- hold 12.5 per cent equity stake each in PLL. ANZ RVK

Complaints of alleged corruption/irregularities against Petronet LNG CEO: Pradhan

New Delhi, Jan 23 () India may seek to reopen the pricing of its long-term LNG import contract with Qatar to reflect falling rates of the spot or current market, Oil Minister Dharmendra Pradhan said on Thursday.
 "Energy Minister of Qatar is coming for bilateral discussion (to India) at the end of the month. We will discuss all the aspects," Pradhan told reporters here.
 He was asked if the government is looking at renegotiating liquefied natural gas (LNG) contracts in view of the fall in prices of the fuel available in spot or current market.
 India imports 8.5 million tonnes per annum of LNG from Qatar under two long-term contracts and has tied up 5.8 million tonnes a year supplies from the US. It also has a 2.5 million tonnes import contract with Gazprom of Russia and a 1.44 million tonnes deal with the Gorgon project of Australia.
 While long-term LNG from Qatar comes for USD 8.5-9 per million British thermal unit, the same gas is available in the spot market for less than half the price.
 Refusing to be drawn into giving a direct reply on renegotiating the contract with Qatar, Pradhan said India is in discussions with Qatar for importing more LNG to meet the country's rising energy needs.
 India has in the past used its status as Asia's third-largest LNG buyer to renegotiate deals with Qatar, Australia, and Russia. In 2015, it renegotiated the price of the long-term deal to import 7.5 million tonnes per year of LNG from Qatar, helping in saving Rs 8,000 crore.
 In 2017, it got ExxonMobil Corp to lower the price of Gorgon LNG and a year later convinced Gazprom to lower rates also.
 Sources, however, said the price of LNG from these contracts was still significantly higher than spot prices and if the trend continues, users may seek a review.
 Prabhat Singh, managing director of Petronet LNG Ltd, the firm which has long-term LNG import contracts with Qatar and Australia, had on August 7, 2019, stated that price sensitivities of consumers will have to be respected.
 Earlier, speaking at an industry event, Pradhan said as much as Rs 4 lakh crore is likely to be invested in the natural gas sector in the country to boost usage of the environment-friendly fuel.
 This investment will be in the expansion of city gas network, laying pipelines, setting up LNG import facilities and natural gas exploration, he said.
 LNG import terminal capacity in the country is likely to grow from 38.8 million tonnes per annum presently to 52.5 million tonnes in the next 3-4 years with new facilities coming up at Kakinada in Andhra Pradesh, Dhamra in Odisha, Jaigarh in Maharashtra and Chhara and Jafrabad terminals in Gujarat.
 Also, 14,788 km of pipeline is being added to the existing 16,788-km network to take the fuel to all corners of the country, he said adding that the city gas distribution network is being expanded to over 400 districts.
 The investment will help raise the share of natural gas in the country's overall energy mix to 15 per cent by 2030 from the current 6.2 per cent. ANZ HRS

India may seek renegotiation of LNG price from Qatar: Pradhan

New Delhi, Jan 21 () In a first, state-owned gas utility GAIL India Ltd is ferrying imported LNG in trucks from Gujarat coast to Bhubaneshwar in Odisha as part of a government push for a gas-based economy to reduce emission and carbon footprint.
With gas pipelines yet to reach most parts of eastern India, GAIL has hired specialised cryogenic bullet trucks to transport imported liquefied natural gas from Dahej in Gujarat to Bhubaneshwar, where it is used as CNG to fuel automobiles and piped gas as cooking fuel in kitchens, company Chairman and Managing Director Ashutosh Karnatak said.
LNG is environment-friendly natural gas turned into liquid at minus 160-degree Celsius for ease of transportation in ships and trucks.
"We started transporting LNG through trucks from Dahej to Bhubaneshwar and have broken-even on the business," he told here.
It takes about a week for the LNG truck to move from west coast to the east and on reaching Bhubaneshwar LNG is regasified or converted back into its gaseous state at an LNG Satellite Station, which was set up at a cost of Rs 10 crore. Following regasification, gas is moved in cascades to CNG dispensing stations and piped natural gas fuelling points.
Gas so supplied is cheaper than alternate fuels such as diesel. LNG can also be used as a fuel directly in trucks and buses but there are only a handful of vehicles currently operating in the country using such fuel.
"Gas is a happy fuel. It not just cuts vehicular emissions (caused by use of liquid fuels such as diesel) but also is an environment-friendly replacement for coal," he said.
The government is targeting raising the share of natural gas in India's energy basket to 15 per cent by 2030 from the current 6.2 per cent.
Karnatak said the use of natural gas for generating power and producing fertilizers as well as fuel in steel and aluminum plants, besides city gas operations such as CNG to automobiles and piped cooking gas to households can help achieve the target.
Globally, natural gas constitutes 24 per cent of primary energy consumption. In Gujarat, the share of natural gas in its energy basket is 25-26 per cent because of a network of pipelines that takes the fuel from import or production source to consumption points.
Gas pipelines in India are presently concentrated in west and north, and GAIL is now laying new lines to the east, north-east, and south.
It will complete the ambitious Pradhan Mantri Urja Ganga project, involving laying of a 2,655 km pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal, Bokaro in Jharkhand and Dhamra in Odisha by the year-end, he said, adding a pipeline in the south will also be expedited.
Karnatak said in absence of a national gas pipeline grid, transporting LNG through trucks has become a viable option.
"There has been demand from city gas operators in places such as Bhopal and its neighboring Mandideep, Indore, and Mangalore, where there are no pipelines to take gas, for supplying the fuel in LNG trucks," he said.
The government is planning a network of LNG fuelling stations along the 6,000-km golden quadrilateral highways connecting the four metros, he added.
GAIL is putting together a plan and persuading city gas distributors, gas suppliers, financiers, fleet owners, and truck manufacturers to help build an ecosystem for LNG-fuelled vehicles in the country.
"As many as 24 locations have been identified to set up LNG fuelling stations," he said, adding trucks and buses can ply up to 800/1,000 km on a full-tank of LNG.
A shift to LNG-powered trucks from diesel will cut pollution and turn Indian highways quieter. ANZ ANZ BAL
BAL

GAIL ferries LNG in trucks over 1,700 km to fuel gas demand in east

New Delhi, Nov 18 () State-owned Indian Oil Corp (IOC) and GAIL India will pay Adani Group 5 per cent more in hiring charges for using the private firm's upcoming LNG import facility at Dhamra in Odisha than their own similar terminal, Oil Minister Dharmendra Pradhan said on Monday.
India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha.
The two firms have, however, hired capacity in Adani's under-construction LNG import terminal at Dhamra.
IOC had in 2015 signed to use up to 60 per cent of the terminal's capacity for importing gas for its refineries at Haldia in West Bengal and Paradip in Odisha. GAIL too had signed up for 1.5 million tonne of the terminal's regasification capacity.
"GAIL and IOC have agreed to pay the tolling charge of Rs 60.18 per million British thermal unit for the regasification facility at Dhamra LNG terminal with annual escalations in line with their respective contractual provisions," he said in a written reply to a question.
 This charge compares to Rs 57.38 per mmBtu regasification charges for Ennore LNG terminal, he said.
 GAIL's own Dhabhol LNG terminal in Maharashtra levies Rs 49.28 per mmBtu regasification charge. In addition, there are other charges such as terminal charges, vessel-related charges and port charges for utilization of the Dabhol LNG terminal.
 "The regasification charges for Ennore and Dhamra terminals are inclusive of terminal charges, vessel-related charges, port charges, and any other port-related charges," Pradhan said.
 Originally, IOC and GAIL had on September 21, 2016, signed a 'non-binding' agreement to buy 50 per cent stake in Adani Group's Rs 5,500-crore Dhamra LNG project in Odisha. But that agreement expired on September 20, 2018, without being translated into a firm pact apparently because of differences over valuation.
 "It has been informed that the regasification charge for Dhamra terminal is Rs 60.18 per mmBtu for the first contract year (year of commissioning) which is likely to be in FY 2021-22," Pradhan said.
 "GAIL has executed a Tolling Agreement in line with its procedures to meet the supply commitments of customers located in the eastern parts of the country along JagdishpurHaldia/Bokaro-Dhamra Pipeline (JHBDPL) project. IOC has also booked capacity at Dhamra Terminal after considering its captive requirement of Paradip, Haldia and Barauni refineries."
 He said the booking of regas capacity is being done after "protracted techno-commercial discussions with the promoters of Dhamra LNG Terminal and after considering the location of the terminal, availability of gas evacuation pipelines, affordability of regasification charges and capturable demand in the catchment area."
 The September 21, 2016 "non-binding MoU" followed GAIL dropping plans in March 2015 to set up a floating LNG import terminal at Paradip. IOC too had in 2012 signed an MoU with Dhamra LNG Port Corp Ltd (DPCL) to develop an LNG terminal at the port.
 Also, Petronet LNG - a firm in which GAIL and IOC are promoters, had shelved plans to set up a 5 million tonne a year LNG import facility at Gangavaram in Andhra Pradesh.
 After shelving their respective plans, IOC and GAIL signed a pact with Dhamra LNG Terminal, a firm owned by Adani Group.
 "GAIL and IOC have both technical and financial capability to develop their own LNG terminal," Pradhan said. "GAIL has an equity stake in Konkan LNG Pvt Ltd and is the owner's engineer as well as the operator of this terminal at Dabhol. IOC has recently commissioned a 5 million tonne LNG terminal through a joint venture at Ennore in March 2019."
 The two firms also have an equity stake in Petronet LNG which operates two LNG regas terminals, one at Dahej in Gujarat and the other at Kochi in Kerala, he added. ANZ ANZ ANU
ANU

IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Pradhan

After weeks of concentrated efforts, <keyword id="88113" type="COMPANY" weightage="20" keywordseo="RasGas">RasGas</keyword> of Qatar has decided to waive off USD 1 billion penalty on India for breaking a long-term LNG contract. 
 
Not only this, Qatar has also in-principle agreed to change the pricing formula from a 60-month average of a basket of Japanese crude oil prices to a 3-month average of Brent crude. 
 
This decision will lower cost of LNG to USD 7-8 per million British thermal unit as compared to USD 12-13 currently. 
 <keyword id="62667" type="COMPANY" weightage="20" keywordseo="Petronet-LNG">Petronet LNG</keyword> Ltd, India's biggest import of liquefied natural gas (LNG), had to pay for buying only 68% of the contracted 7.5 million tonnes this year. 
 
A new deal is underway, under which Petronet will take the quantities it did not take this year during the remainder of the contract period. 
 State-owned GAIL India Ltd, Indian Oil Corp (<keyword id="6354733" type="ORGANIZATION" weightage="20" keywordseo="IOC">IOC</keyword>) and Bharat Petroleum Corp Ltd (<keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword>) have committed to buy all of the 7.5 million tonne a year of LNG that Petronet is to import from Qatar. 
 
The reduced offtake by the buyers forced Petronet to cut its purchase from RasGas, which led to idling of three cryogenic ships it had chartered hired for ferrying gas in its liquid form at sub-zero temperatures from Qatar to its import terminal at Dahej in Gujarat.

Qatar’s RasGas waives off $1 billion penalty on India’s Petronet LNG

New Delhi, <keyword id="20108985" type="General" weightage="20" keywordseo="hindustan-zinc" source="keywords">Hindustan Zinc</keyword> Ltd (<keyword id="20256739" type="General" weightage="20" keywordseo="hzl" source="keywords">HZL</keyword>) on Friday posted a 6 per cent decline in consolidated net profit to Rs 2,028 crore during the quarter ended December 2023, dragged by lower income. It had clocked Rs 2,156 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. On a quarter-on-quarter (q-o-q) basis, the company's profit grew 17 per cent as against Rs 1,729 crore in the July-September quarter. During the quarter under review, the company's total income reduced to Rs 7,606 crore from Rs 8,214 crore a year ago. Its expenses were Rs 4,937 crore as against Rs 5,028 crore in the year-ago period. On the company's efforts to reduce carbon emissions, Arun Misra, Chief Executive Officer of HZL, said: "Hindustan Zinc has initiated the deployment of electric and LNG vehicles in its operations for inter-unit movements and finished goods transportation, thereby reducing the scope 3 emissions." Its CFO Sandeep Modi said, the performance "marks the company's fourth consecutive quarter of consistent cost improvement and the lowest cost in the last 10 quarters. We continue to remain focused on cost optimisation, operational efficiencies, working capital management, digital improvements and shareholder value maximisation." HZL's production of mined metal in the quarter rose 8 per cent to 271 kilo tonne (kt) sequentially and 7 per cent up year-on-year (y-o-y), driven by higher ore production at Rampura Agucha and <keyword id="20256741" type="General" weightage="20" keywordseo="sindesar-khurd" source="keywords">Sindesar Khurd</keyword> mines. In the quarter under review, its refined metal production grew 7 per cent to 259 kt sequentially and 1 per cent higher y-o-y. Integrated zinc production in the quarter increased 10 per cent to 203 kt sequentially and declined 4 per cent y-o-y. In the December quarter, production of refined lead fell 1 per cent to 56 kt sequentially but grew 21 per cent y-o-y. Its saleable silver production in the quarter was 197 MT (metric tonne), up 9 per cent q-o-q and 22 per cent y-o-y. <keyword id="20006961" type="General" weightage="20" keywordseo="sharing" source="keywords">Sharing</keyword> an update on the projects, HZL said its fumer and alloy plants are currently under operation after their commissioning in the last quarter, while a new roaster at Debari of 160 ktpa and Hindustan Zinc Fertilisers Private Ltd (HZFPL) of 510 ktpa for main process package is on track. The company generated a cash flow of Rs 2,097 crore during the quarter. Total borrowings outstanding as of December 2023 was Rs 10,111 crore. During the quarter, the company paid a dividend of Rs 2,535 crore. Hindustan Zinc is the world's second largest integrated zinc producer and fifth largest silver producer. The Udaipur-based company holds about 80 per cent of the growing zinc market in the country.

Hindustan Zinc Q3 net profit falls to Rs 2,028 crore

New Delhi, India's largest gas firm GAIL is imitating billionaire Mukesh Ambani-led Reliance Industries Ltd in planning to import ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants. "In a bid towards diversification of the feedstock, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water borne transportation to India and transport it further through GAIL's pipeline systems to demand centres," the company said in a tender document. It sought quotes to hire a very large ethane carrier (VLEC) for 20 years starting mid-2026 for importing ethane from the US. The ship with capacity of 80,000 to 99,000 cubic metres is targeted to take deliveries from US ports of Marcus Hook, Nederland, Morgan's Point or Beaumont and deliver ethane at Dahej or Hazira in Gujarat or Dabhol in Maharashtra. GAIL has a petrochemical plant at Pata, near Kanpur in Uttar Pradesh, and is also looking to set up another unit at Usar in Maharashtra. The company had to cut down on run rate at Pata after the government diverted gas supplies from the plant to city gas suppliers. This led to its profitability being impacted and so now the company is looking to supplement the feedstock with ethane. Reliance had in 2014 announced ethane plans in 2014 and started importing the feedstock from the US in 2017. It is importing 1.6 million tonnes per annum of ethane and is using six VLECs for transporting it to India. With ethane replacing propane and naphtha used in ethylene production, Reliance is estimated to have saved about USD 450 million annually. Reliance used 2.5 million tonnes a year of naphtha as feedstock in petrochemical crackers and ethane reduced its use by 5,00,000 tonnes, which now could be exported. Ethane is expected to be produced in large volumes in North America due to the shale gas revolution, which has generated an abundance of liquefied natural gas (LNG) and liquefied petroleum gas (LPG). It is primarily used as petrochemical feedstock to produce ethylene by steam cracking. Ethylene is the starting material for making a wide range of products -- from packaging films, wire coatings, and squeeze bottles as well as plastics and synthetic rubber. Reliance uses ethane at its crackers in Dahej and Hazira in Gujarat and Nagothane in Maharashtra. GAIL in the tender said it is looking at co-transportation of ethane and LNG through the same vessel loaded in separate compartments. "Bidders may indicate whether the vessel offered for time-charter is compatible for part loading of ethane and LNG. In case of co-transportation the primary and secondary fuel options may necessarily be indicated," GAIL said. GAIL said the 20 year charter hire agreement can be extended by a further 5 years. Last date for submission of an expression of interest (EoI) for offering VLECs is February 25.

GAIL takes the 'Reliance route' with its US ethane plans

<ul class="summary-list"><li>The Australian government has warned of a liquefied natural gas shortfall.</li><li>It has asked exporters to divert supplies to the domestic market - which could push prices even higher.</li></ul>Australia has warned of a liquefied natural gas crunch on its eastern coast and will tell exporters to keep their supplies at home to make up any potential shortfalls.The Australian Competition and Consumer Commission said in a <a href="https://www.accc.gov.au/media-release/lng-exporters-must-divert-gas-to-the-domestic-market-to-avoid-shortfalls">statement</a> on Monday that exporters must divert gas to the domestic market to prevent a 56 petajoule shortage by 2023."Our latest gas report finds that the outlook for the east coast gas market has significantly worsened," ACCC chair Gina Cass-Gottlieb said. "To protect energy security on the east coast we are… strongly encouraging LNG exporters to immediately increase their supply into the market."News of a potential slowdown in exports comes as European gas prices soar, contributing to an <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-gas-prices-lng-russia-ukraine-nord-stream-2022-7">energy crisis on the continent</a>.<a href="https://www.investing.com/commodities/ice-dutch-ttf-gas-c1-futures">Benchmark Dutch TTF natural gas futures</a> rose 4% to just under 200 euros ($205) per megawatt hour on Monday - meaning they have surged 135% since the start of June.Australia is one of the world's largest liquefied natural gas exporters and ships 7.2 million tons of the super-cooled fuel abroad each year, according to <a href="https://www.bloomberg.com/news/articles/2022-08-01/australia-watchdog-warns-of-natural-gas-crunch-in-top-exporter">Bloomberg</a>. Supply cuts could push key gas benchmarks even higher, analysts said.Natural gas stocks rallied after the ACCC's announcement. <a href="https://markets.businessinsider.com/stocks/wopef-stock">Woodside Energy Group</a> climbed 2.7% in Australian trading hours, while <a href="https://markets.businessinsider.com/stocks/ogfgy-stock?fN=1">Origin Energy</a> and <a href="https://markets.businessinsider.com/stocks/stosf-stock">Santos Ltd.</a> rose 1.9% and 1.1% respectively.Read more: <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-gas-prices-lng-russia-ukraine-nord-stream-2022-7">European energy companies are raking in record profits - as sky-high bills squeeze their customers' wallets</a>

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