Indian rise in imports of LNG is short lived as cargo numbers fall in May while domestic gas output rises
Indian liquefied natural gas imports went into reverse last month and fell by more than 7 percent even as prices declined and more regasification infrastructure was put in place, while the need for imports was offset by growth in domestic gas output, including coal-bed methane.
LNG specialist Toho Engineering of Japan is likely on short-list for Gopalpur facilities planned by Petronet
Toho Engineering Corp. of Japan is one of the companies said to have been short-listed for the new Petronet LNG terminal planned for Gopalpur Port in the East Coast state of Odisha.
Indian LNG import resurgence continues through February even at higher prices as gas demand rises
Indian liquefied natural gas imports jumped by 11 percent in February to continue the resurgence in the nation’s natural gas use despite LNG cargo prices being 37 percent higher than last year.
India’s Swan Energy gives details of LNG FSRU lease-out deal to Turkish energy company BOTAS
Swan Energy Ltd, part of the Indian conglomerate the Swan Group with interests in oil and gas, textiles and infrastructure has given details of its lease-out deal to Turkey’s state-owned Petroleum Pipeline Corp. (BOTAS) of a floating storage and regasification unit.
The charter for the “Vasant 1” floating storage and regasification unit (FSRU), which is controlled by Japan’s Mitsui OSK Lines, is held by Swan Energy subsidiary Triumph Offshore Private Limited (TOPL) and has now moved to Saros Bay offshore northern Turkey.
The FSRU “Vasant 1” has capacity of 180,000 cubic metres and was completed by Hyundai Heavy Industries of South Korea at the end of 2020 for Swan‘s planned LNG import terminal at Jafrabad in India’s Gujarat state.
Swan was the lead promoter of the delayed Jafrabad LNG import terminal with a 63 percent equity stake.
The other shareholders are the Government of Gujarat with a 26 percent interest and the remaining 11 percent is owned by FSRU Venture India One Ltd, the Indian subsidiary of Japanese shipping line Mitsui OSK Lines.
MOL acted as technical partner for the Jafrabad project by supervising the construction of the FSRU.
Charter rates
“The lease arrangement is generating daily rental of $250,000, or about 2 crore Indian rupees (as per the present exchange rate), for Swan Energy,” said the Indian firm of the BOTAS deal.
“The duration of the lease agreement is for 12 months and is extendable on this basis of mutual agreement,” Swan added.
Based on the bare boat charter, TOPL has leased out only the bare FSRU vessel to BOTAS and BOTAS will manage the operational expenses including fuel, crew, insurance, maintenance, and repair.
“As a result, TOPL does not incur any operational expenses during the lease tenure,” Swan said.
BOTAS also runs the Marmara Eregesli LNG import terminal and cargoes have been received there since 1994, first from Algeria and later from countries like Qatar and Nigeria and then over the last five years from the US as well.
Commenting on the lease arrangement with BOTAS, Rishi Chopra, an executive of Swan, said the lease agreement based on bare-boat charter would enhance the rental earning capabilities of the FSRU.
“The net revenue from the annual rental will strengthen the profitability position of the company,” explained Chopra.
“By renting out the FSRU to BOTAS, we aim to play an enabling role to boost the LNG initiatives of the Turkish government to build clean energy preparedness amid a growing demand for FSRUs in that market,” he added.
Indian LNG imports drop again amid higher prices as domestic output rises and consumption declines
Indian liquefied natural gas imports continued their decline in 2022 because of high prices and competition from the European market, while domestic natural gas output rose amid a fall in the nation’s gas consumption.
Decline in Indian LNG imports slows in October while prices were 65 percent higher in fiscal year to date
Indian LNG imports continued their 2022 decline though at a slower pace as costs in the year-on-year period jumped 65 percent and domestic natural gas output also began to lose some momentum as the nation’s consumption fell.
India’s LNG imports drop 2.7 percent as rising cargo costs curb spot market participation by Asian nations
Indian imports of liquefied natural gas dropped by 2.7 percent in July, the 11th straight monthly decline, as LNG prices have increased in the spot market and continue to curb purchases in Asia.
Shell India seeks partnerships for LNG filling stations and to expand small-scale distribution by trucks
Royal Dutch Shell’s subsidiary in India is exploring partnerships with other companies to expand the liquefied natural gas fuel market for vehicles and also expects LNG truck-loading bays to increase in number to enable wider distribution of small-scale volumes.
Indian LNG imports rise again and prices are also increasing with regional benchmarks and demand
Indian liquefied natural gas monthly imports increased again in September as cargo shipments to Asia rose along with economic activity and as prices also edged higher.
