fetching latest news
News tagged in:
India’s oil and gas import dependence during April-January accounted for meeting 77.1% of the domestic needs.India is particularly vulnerable, as any increase in global prices can affect its import bill, stoke inflation and increase its trade deficit. India spent $101.4 billion on crude oil imports in 2019-20 and $111.9 billion in 2018-19.
As the world’s biggest LNG exporter struggles with a looming gas shortage, imports of liquefied natural gas to Australia now appear "highly realistic", says the U.S. energy giant Exxon Mobil. According to the experts, the industry needs at least $6.9 billion to meet longer term gas demand. Further, this would bring down high prices which are affecting many manufacturers.
RWE, a German utility has announced that in order to import LNG, the company at present has gained access to considerable capacity of German terminal. RWE’s executive said "LNG remains a key growth area for RWE." Recently, Qatar Petroleum has informed that it is in talks with RWE and Uniper regarding a local LNG terminal. An agreement between RWE and German LNG Terminal highlights the company’s commitment to the fuel.
After 13 LNG carriers stopped at the Montoir LNG import and trans-shipment terminal, it has set new LNG transshipment records in August. The terminal is located in the French Atlantic port of St Nazaire. Also, the first three transhipments were finished in one week which began on 15 August. This year, Montoir has completed 10 LNG transhipments, which is the best in numbers than any other European terminals.
The European Union is urging the United States that if Washington wants the 28-nation bloc to buy more, then it has to cut red tape and make its LNG export rules simpler. Also, to import US LNG, the EU has agreed to build more terminals. The US President and Commission President decided last month on achieving zero tariffs and subsidies on non-automotive industrial goods.
Chinese administration has slapped retaliatory tariffs on an additional USD 16 billion worth of US import goods. The new list of affected items includes oil products, LPG, coal but the most expected crude oil was left off from the list. The 25% tariff will come into force from August 23rd. The move has come on the background of US tariff enforcement on Chinese goods from the same day in August.
A senior Petrobangla official has confirmed the docking of the Excelerate Energy-owned FSRU vessel, Excellence at the facility in Bangladesh. Excellence carries 136,000 cubic meters of Qatar lean LNG. Technical issues and rough seas had stranded the vessel for more than three months. LNG injection into the pipeline network for consumption will begin from August 11. With this, Bangladesh will be enlisted with LNG importing countries in the world.
At a White House meeting with Donald Trump on Wednesday, European Union President Junker agreed to put efforts towards increasing natural gas trade with the US. Additionally, he informed that more terminals will be built to boost the import of LNG. Europe has already started buying more natural gas from the US in response to this strategic cooperation.
Trade house Socar Ukraine, reportedly, imported close to 250 million cu m of natural gas in the first half of 2018, and became the leader in gas import to Ukraine. According to a report released by SOCAR Energy Ukraine, the gas import was 4-fold more versus the 2017 same term. CEO, SOCAR Energy Ukraine stated that the company will strive continuously to increase the import volume of natural gas.
According to a Reuters report, the South Korean power company, KOMIPO is looking for the delivery of LNG cargo between November 16 and 21 through a tender whose end date is July 24. In another report of Reuters, it was mentioned that the LNG imports of South Korea which climbed up significantly in the first half of the year due to the demand from power firms are likely to set at ease.
S&P Global Platts yesterday said that India experienced a 20% jump in LNG import, in the first half of 2018, owing to strong growth in demand. The country imports more than 20 million tonnes of contracted LNG, of which six million tonnes is US LNG. Platts’ Director commented that inadequate pipeline infrastructure is lowering the penetration of India's gas market to around 6.5% of energy mix, against targeted 15%.
Effects of the growing trade tensions between US and China are now surfacing with distortions in the $300b worth global trade market of LNG. United States’ efforts to become the world’s largest exporter of LNG are in danger due to the recent developments. While it may jeopardize U.S. multi-million projects, it might as well create opportunities for countries not having tariff barriers.
The second day of the Eastern Mediterranean Gas Conference (EMGC 2018) in Cyprus kicked off with a keynote address by Dr. Symeon Kassianides, chairman of The Natural Gas Public Co. (DEFA) of Cyprus where he proposed to establish a floating storage and regasification unit (FSRU) to import gas to Cyprus for use in power generation.
India’s GAIL which has entered into a ‘take or pay’ agreement from Cheniere’s arm, Sabine Pass (SPL) has been rebuffed when it went for a price negotiation. The contract which amounts for purchase of 182.5 trillion BTU of LNG seems to be a little problematic for the govt. owned enterprise which entered the contract to hedge prices but ended up caught under the hedge of quantity.