Petroleum Minister Dharmendra Pradhan said the country has been able to renegotiate the gas price and save Rs 12,000 crore.
Advertisement
Auburn defense steps up in Birmingham Bowl win over Memphis
Johnson got it done again in the first play of the fourth quarter, rushing a touchdown in the redzone to put Auburn up 24-10. Considered one of the top National Football League draft prospects, the Auburn defense was humbling to say the least.
The trailing three-month average Brent price is about $44 a barrel while the average of Japan Crude Cocktail for the five-year period ended September 30 was $94.
Alabama Wins Cotton Bowl, Advances to National Championship
Scoring grabs of 50 and 6 yards by Ridley were sandwiched around cornerback Cyrus Jones’ 57-yard punt-return touchdown. But midway through the second quarter Bama gained momentum on both sides of the ball. “Alabama had a great game”.
Mr. Pradhan said that the new pricing formula under the reworked contract, which would come into effect on January 1, would apply to 7.5 million tonnes of LNG India has agreed to buy from RasGas until the long-term contract ending in April 2028. He has been trying to leverage India’s position as one of the world’s biggest energy consumers to strike better bargains for its companies. “We are now advancing towards a partnership”, Pradhan said, referring to the success of the negotiations and the lever key consumers like India have gathered in the global commodity market lately.
Tigers headed to national title game
No. 1 Clemson dominated No. 4 Oklahoma in the second half of Thursday’s Orange Bowl en route to a 37-17 win. The second quarter followed a similar path until Jake Coker hit Calvin Ridley for a 50-yard pass.
Meanwhile, Qatar has also agreed to lower gas price for India.
The need to renegotiate the signed contract was first raised by Prime Minister Narendra Modi when the emir of Qatar Tamim Bin Hamad Al Thani visited India in March, he added.
Petronet had a take-or-pay contract with RasGas – where if purchased less than 90 per cent of contracted volumes, a penalty would have triggered where in it had to pay for all of the contracted volumes.
The supply is for onward sale to four Indian entities – Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., GAIL (India) Ltd. and Gujarat State Petroleum Corporation, a joint press release from the two companies said. But with slump in global prices, they have opted to buy gas from spot market rather than use the long-term LNG. The terms of existing agreement have also been amended to adjust some aspects, which will protect and preserve the overall value of the contract.
Advertisement
RasGas is one of the main suppliers of LNG into India and has been supplying Petronet since 2004.
