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Sunday, 1 April 2018

Gale India created history, imported LNG from USA for the first time | Live Commodity Tips

After imports of LPG from the United States, India has made a new history by importing LNG. On Friday, the first cargo filled with super-cooled natural gas from the US reached Dabhol in Maharashtra. After 25 days journey from Louisiana, a charter ship MV Meridian Spirit reached Dabhol. This will greatly reduce the cost of LNG for India.

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First shipment to Dabhol

Gail India had contracted the import of 35 million tonnes of Liquid Natural Gas (LNG) annually from the Liquifaxen facility in Senebe near Los Angeles, America's energy company Shinere Energy. Its first cargo reached the largest gas fired power plant in Dabhol's largest gas fired power plant.
The company has also contracted 2.3 million tonnes of LNG from Dominion Energy's Cove Point Liquidation Plant, which is for long term.

GAIL to meet 90 cargo annually

Gail said in a statement: "GAIL is one of the first companies to sign US LNG and its portfolio has added 58 million tonnes of LNG annually. GAIL will get 90 cargo annually from Sabine Pass and Cove Point Terminals.

LNG found at good price

The company said that the US Henry Hub Gas Index includes LNG with crude oil. He said, "LNG and crude oil will now have a substantial stake in GAIL's portfolio. This will greatly benefit the customers and they will get the right prices. "
Gayle said that with the meridian spirits reaching Dabhol, the supply of LNG has started with the Henry Hub Induced Contract.
Viseel, which means that the ship has reached near Dabhol plant and it is being shared between two different companies at the LNG receipt terminal. The power producer of the public sector is ahead in achieving LNG in the NTPC power sector.

Crude's first shipment came in October

In October last year, India received the first shipments of crude oil from the US. Earlier in the year 1975, the US had stopped exporting crude to India, but in 2015, then US President Barack Obama had removed the ban.
Gayle signed the Sale and Purchase Agreement (SPA) with US-based LNG exporter Shinare Energy in December 2011. The SPA became operational on March 1. Under the terms of the agreement, Shinere will sell 35 million tonnes of LNG annually to GAIL and ensure its supply.

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