World
India urges pricing flexibility, review clause in LNG contracts
Tokyo, Oct 18 (IANS) Given the transformation in the global LNG market into a situation of oversupply, India on Wednesday called for flexible terms for gas purchases, including the provision of a pricing review, “take or pay” terms and abolition of destination restriction clause in contracts.
Indian Petroleum Minister Dharmendra Pradhan urged global LNG markets to join hands to design flexible terms at the LNG Producer-Consumer Conference here being held over October 17-18, according to a statement from the Indian Petroleum Ministry.
“Pradhan urged the global LNG markets, in which producers and consumers of LNG have equal stakes, to join hands to design flexible terms such as pricing review, flexible take or pay, abolition of destination restriction clause in the LNG contracts,” the statement said.
“These reforms are essential for developing a transparent, efficient, truly global and balanced LNG market,” the Minister said in his keynote address at the conference.
Last month, India renegotiated the price of liquefied natural gas (LNG) it imports from the Gorgon project in Australia that will result in savings of more than Rs 10,000 crore.
The Gorgon project operators’ consortium led by American energy majors Chevron and Exxon Mobil have agreed to charge 13.9 per cent of the prevailing UK Brent oil price at the port of delivery, rather than 14.5 per cent at the port of loading as was agreed earlier.
Last year, India favourably re-negotiated its LNG agreement with Qatar to bring down the cost of importing natural gas to less than $5 per unit from $12.
According to the statement, Pradhan also met with Japanese Minister of Economy, Trade, and Industry Hiroshige Seko and discussed increasing cooperation in the hydrocarbon sector between the two nations.
The ministers signed a memorandum of cooperation (MoC) on jointly developing a liquid, flexible and global LNG Market.
“The MoC provides a framework to cooperate in facilitating flexibility in LNG contracts, abolition of the destination restriction clause and also explore possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply,” it said.
“They also explored joint cooperation in the areas of LNG sourcing, swapping and optimization of LNG sources and commercial exploitation of methane hydrates,” the statement added.
Both India and Japan are among the top four LNG importers and have agreed to swap supply contracts in order to save on transporting the fuel from overseas.
“The MoC will promote the bilateral relationship between India and Japan in the energy sector and will contribute to the diversification of gas supplies for India,” the ministry said prior to Pradhan’s departure for the island nation.
According to the statement, Pradhan invited Seko to attend the 16th International Energy Forum Ministerial meeting to be held in New Delhi during April next year.
–IANS
bc/vm
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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